Gas prices and spending

A new report from GfK has found that even though gas process have fallen by approximately 40 cents /gal. over the past five months, Canadians are no saving approximately CAN$20 every time they fill up. But the question is, what are they doing with all the extra cash?

A recent GfK poll has revealed that the gas windfall has not affected the spending patterns of approximately 58% of Canadian drivers. 20% indicated that the extra money is going into savings and 25% have said that they are driving more often, making extra trips, and/or buying more fuel than they otherwise would.

Stephen Popiel, VP, GfK Canada said, “although falling gas prices are putting a good deal more cash in Canadians’ wallets, most do not seem to be making conscious decisions about what to do with that money. While a refund check or coupon could clearly be saved or spent separate from other funds, the gas savings is not so easily calculated or isolated, so most drivers do not have a clear path about it. The good news for gas companies is that a significant number are indulging before they leave the gas station, buying more gas, and even purchasing high margin coffee, snacks, and confectionaries from the station stores.”

Although pump prices have started to creep up, 41% of Canadians think that low prices will be around for the next few months, with 22% thinking they will be this low for up to a year.

Edited from press release by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/refining/12022015/canadian-gas-prices/