Gas Prices Wear On Consumer Confidence
August 26, 2013
Alexandria, PA — A spike in gas prices has resulted in a six percent increase in consumer pessimism since July. Eighty-eight percent of consumers say the higher price at the pump is the reason for their negativity, according to a recent survey by the National Association of Convenience Stores (NACS).
In early July just 52 percent of consumers said they were pessimistic about the economy, but the latest survey — taken when gas prices averaged 15 cents higher than the month prior at $3.62 per gallon — shows that number has jumped to 58 percent. Among women, 61 percent are pessimistic, but just 55 percent of men express the same adversity. The 18 to 34-year-old demographic is least likely to be deeply pessimistic: only 12 percent say they are “very pessimistic.”
Despite the disheartening results, NACS predicts consumers could be more positive in September. Only 51 percent say they expect gas prices to increase throughout the next 30 days, compared with 64 percent who predicted a jump in prices a month ago.
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