ALEXANDRIA, Va. -- Despite rising gasoline prices, consumer optimism is at an all-time high across the four-plus years the National Association of Convenience Stores (NACS) has been conducting its national Consumer Fuels survey. Three in five gasoline consumers (61%) report feeling optimistic about the state of the economy, surpassing the 58% economic optimism recorded by NACS in December 2016 following the presidential election.
A majority of Americans are optimistic across all demographics examined. Consumers aged 50 and older are the most optimistic age group (65% optimistic), compared to 55% of those aged 18-34 who are optimistic. There also are regional differences, with Southerners reporting the highest levels of economic optimism (64%) and Midwesterners reporting the lowest (56%).
Americans also report a 4-cent rise in gas prices in their area. Price increases are being felt the most strongly in the West, where a majority (52%) report seeing gas prices higher than they were last month. By comparison, just 41% of gas consumers in the Northeast and the South report seeing higher gas prices this month.
A majority of gasoline consumers expect prices to continue increasing in the next month. Half (51%) of all Americans say that they expect prices in 30 days to be “much higher” or “somewhat higher” than they are today. Only 9% expect prices to drop in the coming month.
Traditionally, rising prices have an inverse effect on consumer optimism. In March 2013, when 85% of Americans said that gas prices had increased, optimism stood at 41%. However, gas prices were also higher in March 2013 ($3.58 compared to $2.45 today).
The strong optimism may also translate into increased sales for convenience retailers: One in five consumers (22%) say they will drive more this coming month and 19% say they will shop more.
From March 7-9, Penn Schoen Berland surveyed 1,102 U.S. adults who purchase fuel for a vehicle such as a car, truck or van at least once per month. Summary results are available at nacsonline.com/fuelssurvey.
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