TORONTO--(BUSINESS WIRE)--With gas prices having fallen by about 40 cents a gallon over the past five months, Canadians are now saving significantly at the pump – roughly $20 every time they fill up. But what have they been doing with this extra cash?
A recent GfK poll reveals that the gas windfall has not affected the spending patterns of most (58%) Canadian drivers. Two in ten (20%) indicate that the extra money is going into savings; and one in four (25%) say they are driving more often, making extra trips, and/or buying more fuel than they otherwise would.
“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,” said Stephen Popiel, VP at GfK Canada. “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 plan 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, many Canadians (41%) think that low prices will be around for the next few months, with one in five (22%) thinks they will be this low for up to a year.
The findings are based on the responses of 951 Canadian drivers to an online survey conducted between January 25 and February 1, 2015.
About GfK
GfK is the trusted source of relevant market and consumer information that enables its clients to make smarter decisions. More than 13,000 market research experts combine their passion with GfK’s long-standing data science experience. This allows GfK to deliver vital global insights matched with local market intelligence from more than 100 countries. By using innovative technologies and data sciences, GfK turns big data into smart data, enabling its clients to improve their competitive edge and enrich consumers’ experiences and choices.
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