ALEXANDRIA, Va. -- The conditions are right for a big summer driving season.
That’s according to NACS’ most recent Consumer Fuels Survey, which found that nearly 60% of drivers have a positive outlook on the economy vs. only 44% at this same time in 2016. Consumer optimism hit its highest point in the history of the survey this past March, when it reached 61%.
Low gas prices are boosting consumers’ optimism. In the May survey, 76% of consumers overall said gas prices influence their optimism; for those 18 to 34 years old, this percentage is seven points higher.
Respondents reported a median gas price in May of $2.35 per gallon, a 2-cent-per-gallon (CPG) increase from the April 2017 survey. Although this is also 15 CPG higher than a year ago, gas prices are still much lower than in May 2013, when the reported median was $3.53 per gallon, and May 2014, when it reached $3.69.
The survey took place as refiners are completing their transition to summer-blend fuel, a process that runs from February through May. However, the transition period in 2017 is different from previous years in that retail fuel prices are basically unchanged from February, NACS said. This compares to an average 53-CPG increase during this period since 2000.
"High consumer optimism and still relatively low gas prices are welcome news to retailers as we approach the start of the summer-drive season in two weeks,” said Jeff Lenard, vice president of strategic industry initiatives of NACS. “These two factors—and the weather—affect summer travel and spending at convenience stores more than anything else.”
On a regional basis, consumers in the South and West were most optimistic about the economy; Northeastern drivers were the least, with only half feeling optimistic.
Penn Schoen Berland (PSB) conducted the online survey on behalf of NACS from May 3-5, 2017, with 1,104 U.S. adults who purchase fuel for a vehicle at least once per month. For a summary of results, click here.
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