ALEXANDRIA, VA – A decline in gas prices over the past month
has led to a decline in overall consumer pessimism about the economy, according
to results from the monthly NACS Consumer Fuels Survey.
Though more than half (54%) of U.S. consumers surveyed in
April say they remain pessimistic about the economy, it is the lowest
percentage of consumer pessimism recorded this year. In addition, only 17% of
consumers say that they are “very pessimistic” — a continuous decline from 23%
in February and 20% in March.
“Our surveys are showing that consumer optimism or pessimism
is related to gas prices,” said John Eichberger, vice president of government
relations for the National Association of Convenience Stores (NACS). “The
actual price per gallon is less relevant to consumer sentiment than whether
prices are rising or falling. And now that they are falling, people have a much
better outlook on the economy, and that is certainly good news all around.”
Consumers also are feeling less pressure concerning gas
prices. An overwhelmingly majority (86%) of consumers still say that gas prices
have an impact on their feelings about the economy, but that sentiment is also
declining and is the lowest measured this year. Also, only 38% of consumers
said that gas prices had a “great impact” on their feelings about the economy,
the lowest percentage since January.
Meanwhile, as new fueling options hit the market, NACS
looked at whether consumers are considering them. More than 4 in 10 (42%)
consumers say that they would be likely to consider using a diesel fuel-powered
vehicle, with 10% saying they would be “very likely” to use diesel. When it
comes to diesel usage, there is a considerable gender gap, with 12% of men saying
they would be “very likely to use diesel,” compared to 7% of females.
“Prices and availability are likely factors in these
results,” said Eichberger. “While diesel engines generally get better
performance per gallon, consumers still see that diesel fuel prices are higher
than gas prices ($3.999 vs. $3.614, according to the Oil Price Information
Service’s April 8 weekly averages). Other factors are likely also at play and
we will be looking into those more closely in future surveys.”
Because convenience stores sell 80% of the gasoline
purchased in the country, NACS has conducted monthly surveys to measure
consumer sentiment related to gas prices, other fuels-related issues and the
economy. NACS will release a detailed survey in May in advance of the
unofficial beginning of the summer drive season.
- April 2013: Overall pessimism: 54%/“very” pessimistic: 17%;
OPIS weekly gas price $3.614
- March 2013: Overall pessimism: 59%/“very” pessimistic: 20%;
OPIS weekly gas price $3.709
- February 2013: Overall pessimism: 59%/”very” pessimistic:
23%; OPIS weekly gas price $3.684
- January 2013: Overall pessimism: 54%/“very” pessimistic:
18%; OPIS weekly gas price $3.297
This latest survey was conducted by Penn, Schoen and Berland
Associates LLC, with 800 gas consumers surveyed from April 5-7, 2013. The
margin of error for the entire sample is +/- 3.39 at the 95% confidence
interval and higher for subgroups. Summary results from this and previous
surveys can be found at nacsonline.com/gasprices.