Who’s Spending Their Gas Money?

Ann-Marie Vazzano

Lower gas prices mean more money for all consumers, but younger people are more likely to spend their savings, according to research from “Cardbeat,” Auriemma Consulting Group Inc.’s syndicated research publication. In a survey of 421 U.S. credit card holders, more than one-third (34%) of consumers under age 45 say they're now considering making previously postponed purchases, compared to just 20% of their older counterparts. Consumers 45 and older who remember rising gas prices during the OPEC oil embargo and Gulf War years are more likely to see low fuel prices as a temporary phenomenon, according to the research. “Cardbeat” data shows those 45 and older have a more pessimistic outlook for gas prices in the future, with 69% feeling gas prices will increase within the next year, compared to 59% of respondents under 45. GP