After weeks of growing concern around gas and energy prices, consumers are beginning to feel a bit of financial relief when filling up the tank. CivicScience data show a decline in those who feel “very concerned” about gas prices and an increase in those who expect gas prices to drop six months from now.
Regionally, we see concern over gas prices rise in the Midwest while all other regions across the U.S. are on a decline.
A similar dip in concern over inflation has been recorded over the past weeks, along with consumers anticipating that the price of goods will get better or stay the same six months from now instead of getting worse.
The building consumer confidence surrounding gas prices and inflation has perhaps led more Americans to feel comfortable behind the wheel. The percentage of people who are driving more than they normally would right now has increased to 20% (up 4pp since last month).
And with more people out and about this month, plans to dine at a restaurant have also started to increase.
In fact, the percentage of those who expect to spend more on restaurants in the next month increased to 23% this week (up 2pp). But groceries remain the top category for anticipated increased spending in the next month (52%).
Check in weekly as CivicScience continues to track consumer spending and responses to economic changes.