Retailers Hope Low Gas Prices Mean More Spending | NACS Online – Media – News Archive
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Retailers Hope Low Gas Prices Mean More Spending

After four consecutive months of increasing consumer pessimism, November could be a turning point if the price of crude oil remains steady.
October 21, 2013

​WASHINGTON – With the holiday shopping season fast approaching, retailers are hoping that lower gas prices will bring in more profits.

However, consumer sentiment may not be so rosy. According to the most recent monthly NACS Consumer Fuels Survey, consumers remain pessimistic even though gas prices continue to decline.

"Over the last two months, we've had a 30-cent drop in gas prices yet pessimism has gone up." NACS spokesman Jeff Lenard told NBC News.

The survey found that nearly one in four consumers (23%) say that they are “very pessimistic” about the economy. October is the fourth month in row of increasing consumer pessimism about the economy.

Lenard told the news source that the outlook is decidedly more optimistic: “There's no hurricane on the horizon that are of particular concern, there's nothing out there of particular concern that might jack up oil prices. So, hopefully next month, we'll be looking much better and that's really good news as we head into the holiday season."

Gain insights from the latest NACS Consumer Fuels Survey.