{"id":3455,"date":"2022-05-19T01:25:00","date_gmt":"2022-05-19T01:25:00","guid":{"rendered":"https:\/\/pdisoftwareprd.wpengine.com\/?p=3455"},"modified":"2022-08-31T15:35:08","modified_gmt":"2022-08-31T15:35:08","slug":"gas-prices-affecting-travel","status":"publish","type":"post","link":"https:\/\/pditechnologies.com\/news\/gas-prices-affecting-travel\/","title":{"rendered":"PDI GasBuddy Survey: Will Gas Prices Affect Travel for Americans"},"content":{"rendered":"\n

Seventy percent say their travel plans were affected by high gas prices, affordability drives decision making<\/em><\/p>\n\n\n\n

BOSTON, MASSACHUSETTS, May 19, 2022 <\/strong>(Global Newswire<\/a>) \u2013 GasBuddy, a PDI company, today released the results of its annual summer travel survey revealing that even with record-high gasoline prices, 58% of Americans intend to road trip this summer, a rise from last summer, when gas prices were nearly $1.50 per gallon lower. While the high prices may not stand in the way of Americans\u2019 summer travel plans, nearly two-thirds have yet to confirm their plans, with 38% saying that high inflation is leading to difficulty in planning summer trips.<\/p>\n\n\n\n

The average gas price in the U.S. topped $4.50 per gallon following a short reprieve in April, and has recently reached new all-time highs. Record-breaking gas prices and general inflation are affecting Americans\u2019 desire to travel with only a one percentage point increase in travel intent year over year, and still 18% lower than 2019\u2019s pre-pandemic level. Gas prices on Memorial Day weekend are forecast to be about $4.65 per gallon, a 51% increase from last year. GasBuddy expects the average price from Memorial Day to Labor Day to be $4.40 per gallon nationally, though significant events could raise or lower the outcome.<\/p>\n\n\n\n

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Summer Travel Trends<\/strong>
When asked about inflation\u2019s effects on travel plans, 70% said their summer travel plans have been affected by high gas prices (an increase of 24% over 2021). More than a third indicated that high inflation has made planning more difficult, and the majority (65%) are taking only one or two road trips.<\/p>\n\n\n\n

The most common amount of time traveled by car will be between two to three and over five hours. Memorial Day Weekend (47%) will be the most popular travel weekend followed by Independence Day (33%) and Labor Day (31%).<\/p>\n\n\n\n

\u201cAgainst a backdrop of gas prices that have continued to set new records ahead of Memorial Day, Americans have been resilient in their desire to hit the road, but we\u2019re certainly seeing increased hesitancy due to rising prices at the pump. Soaring inflation has led to uncertainty over rising costs,\u201d said Patrick De Haan, head of petroleum analysis for GasBuddy. \u201cThe Covid factor is still present, but has been dwarfed this year by Americans\u2019 concern over high gas prices and dwindling affordable travel options to make use of best months of the year.\u201d<\/p>\n\n\n\n

Impact on Retail<\/strong>
While this summer\u2019s road trip travel trends will likely result in an increase in convenience store purchases due to \u2018typical\u2019 seasonal patterns, significant year-over-year sales growth is not expected and there is potential for a decline based on consumer spending concerns.<\/p>\n\n\n\n

\u201cConsumer confidence is lower than we\u2019ve seen in many years. Some sources even suggest that confidence is lower than during the 2008 recession,\u201d said Dafna Gabel, VP, Strategic Insights for PDI Software. \u201cThose surveyed in 2022 shared that inflation has impacted behavior at the pump and in-store across the US. Barring significant shifts in inflation, these behavior adjustments are expected to continue.\u201d<\/p>\n\n\n\n

In fact, even with the expected summer increase in travel, consumer behavior has already begun to shift<\/a> at the pump and in-store, and it is likely that in-store shoppers will continue to buy fewer items during each trip, despite an increase in frequency.<\/p>\n\n\n\n

Money-Saving Tips<\/strong><\/p>\n\n\n\n