Gas Prices Not Affecting Most Canadians’ Spending Patterns – New GfK Study

TORONTO--()--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

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Contacts

GfK Marketing and Communications, Consumer Experiences North America
David Stanton
Vice President
(908) 875-9844
david.stanton@gfk.com

Release Summary

Canadians are now saving roughly $20 every time they fill up with gas. A recent GfK poll reveals that this windfall has not affected the spending patterns of most (58%) Canadian drivers.

Contacts

GfK Marketing and Communications, Consumer Experiences North America
David Stanton
Vice President
(908) 875-9844
david.stanton@gfk.com