Lower Gas Prices Putting More Money in Consumers Pockets

ALEXANDRIA, Va., Nov. 12, 2014 /PRNewswire-USNewswire/ -- Declining gas prices may increase holiday spending this year - especially among men and those ages 18-34, according to a new national survey measuring consumer optimism.

For the first time in two years, a majority of men (51 are optimistic about the economy and an even greater percentage of younger consumers (56 are optimistic - and both groups say that they are more likely to increase their spending this holiday season. Consumer confidence remains elevated as gas prices have dropped nearly 70 cents per gallon to under $3 per gallon over the past four months.

For every one-cent decline in gas prices, Americans save an estimated $3.7 million per day at the pump. Overall, consumer optimism about the economy held steady at 46%, making November the fourth out of five months that optimism was 46% or higher, according to the latest consumer survey conducted by the National Association of Convenience Stores (NACS).

Consumers also have expectations about future gas price declines - over one in four (26 consumers say that they think gas prices willbe even lower in 30 days than they are today. This is the mostpositive gas price forecast made by consumers since NACS initiated its monthly consumer surveys in January 2013. Likely as a result of lower prices at the pump, more Americans say they will spend more money this month than they did last month (excluding gas).

One in five (21 U.S. gas consumers say theirspending will increase in November, compared with 15% in October. Nearly one in three (32 of those ages 18-34 say that their spending will increase.