TORONTO -- With gas prices having fallen by about 40 cents a gallon over the past five months, Canadians are now saving significantly at the pump--approximately $20 every time they fill up. But what have they been doing with this extra cash?
A recent GfK poll reveals that the gas windfall has not affected the spending patterns of most (58%) Canadian drivers. Two in 10 (20%) indicate that the extra money is going into savings; and one in four (25%) say they are driving more often, making extra trips or buying more fuel than they otherwise would.
"Although falling gas prices are putting a good deal more cash in Canadians' wallets, most do not seem to be making conscious decisions about what to do with that money. While a refund check or coupon could clearly be saved or spent separate from other funds, the gas savings is not so easily calculated or isolated--so most drivers do not have a clear plan about it," said Stephen Popiel, vice president at GfK Canada, Toronto.
"The good news for [gas stations and convenience stores] is that a significant number are indulging before they leave the gas station--buying more gas, and even purchasing high-margin coffee, snacks, and confectionaries from the station stores," he added.
Although pump prices have started to creep up, many Canadians (41%) think that low prices will be around for the next few months, with one in five (22%) thinks they will be this low for up to a year.
The findings are based on the responses of 951 Canadian drivers to an online survey conducted between January 25 and February 1, 2015.
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