Consumers spent less on gasoline in 2023 vs 2022
Envestnet® | Yodlee® data shows that consumer spending on fuel was comparatively lower in 2023 than 2022. We looked at fuel prices and average fuel ticket price (see Figure 1). This is confirmed by a report from the US Bureau of Labor Statistics which reported that gasoline prices declined 1.9 percent in 2023, following a decline of 1.5 percent in 2022.
Discrepancy between income groups
Spending per user on fuel decreased 7.2% in 2023. Low-income earners (<$75K) have reduced their transaction frequency per user, contrasting with high-income users (>$75K) who exhibited a higher frequency of year-over-year trips to gas stations, while the high-income group seems to have increased their trips to the pump as prices came down.
The decrease in spending is in alignment with a report from the U.S. Energy Information Administration that estimated the average annual household spending on gasoline to be $2,780 in 2022 and between $2,140 to $2,730 in 2023.
The lower price at the pump has broader implications. Lower gasoline prices helped push U.S. consumer confidence to a five-month high in December, prompting many consumers to plan purchases of motor vehicles, houses and major appliances over the next six months, according to a report this month by the think-tank Conference Board.
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About Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights
Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights utilize de-identified transaction data from a diverse and dynamic set of data from millions of accounts to identify patterns and context to inform spending and income trends. The trends reflect analysis and insights from the Envestnet | Yodlee data analysis team. By combining data with intelligence – connecting vast amounts of actual de-identified shopping data with state-of-the-art analytics and machine learning – Envestnet | Yodlee provides visibility into a large set of shopping daily purchase behavior including, but not limited to, transactions, customer lifetime values, and merchant/retailer shares.
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