Last updated on June 13th, 2024
Americans say that they are ready to increase their spending and mileage during the last two weeks of the summer driving season, according to the latest National Association of Convenience Stores (NACS ) Consumer Fuels Survey findings.
One in four Americans (24 percent) say they will drive more—compared to only eight percent who will drive less. In addition, more than one in five (21 percent) say that they will spend more on non-fuel items in August. Both numbers are considerably more than the start of the summer driving season in May, when 18 percent of Americans said they would drive more and 16 percent said they would spend more in the coming months.
Gas prices are likely a main contributor to the increase in travel—and potential concerns about future spending. Overall, 63 percent of American drivers say that they are optimistic about the economy, a three-point jump from the 60 percent who expressed optimism in May. Nearly four in five consumers (79 percent) cite gas prices as impacting their feelings about the economy.
The survey also hints there are some signs that could hold back spending in the coming months. A majority of consumers (58 percent) say that they noticed that gas prices have increased over the past month and overall have increased 5 cents per gallon since May. Drivers also expect prices to continue to climb: 48 percent expect prices to increase over the next month, compared to the 42 percent who said that gas prices would climb last August.
“The three factors that most affect driving and sales are weather, economic sentiment and gas prices—and all three are in a positive place as the summer ends. This report also suggests some softness in consumer sentiment that bears watching. Last fall, similar positive feelings about spending and travel shifted dramatically following the devastation of the hurricanes and the resulting impact on fuel supply and demand,” said Paige Anderson, NACS director of government relations, who oversees many of the association’s motor fuels issues.
The survey was conducted online by PSB. A total of 1,500 U.S. adults who purchased fuel for a vehicle at least once per month were surveyed August 7-10. A summary of the August 2018 NACS Consumer Fuels Report is available online here.
NACS has conducted regular surveys related to economic issues and consumer sentiments since January 2013.
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