Experts: Savings At The Pump Could Boost Holiday Shopping
Jennifer Lindgren
Follow CBSDFW.COM: Facebook | Twitter
DALLAS (CBS 11 NEWS) – Gas prices in North Texas are among the lowest in the country right now. What’s more, the current average of $2.83/gallon is well past a three-year low, even for the seasonal dip that occurs each fall.
One side effect of the savings is a boost in consumer confidence heading into the holiday shopping season.
The 30-cents savings per gallon this year, over this week last year, add up to about $12 to $15 less a month at the pump. While it might not seem like much, the numbers add up on a national level.
Economists say right now, Americans are paying $100 million less a day on gas than they did a year ago.
History shows, when gas prices drop, consumers become more likely to splurge on purchases.
One place where spending is already trending up is Grapevine. Main Street Grapevine is still weeks away from head-to-toe holiday décor, but in the ‘Christmas Capital’ of Texas, the customers are already trickling in.
Business owners say those visitors are traveling from farther away, thanks to cheap gas.
“I now have customers driving in from Frisco to come down to Main Street in Grapevine, which is really fabulous. Normally they would stay in their little area,” said Michelle Murphy, owner of Closet Treasures, a women’s clothing, accessory and gift boutique.
Murphy thinks even a few extra dollars saved at the pump have inspired customers to stop in for early Christmas and holiday gifts.
“You figure if five families [spend $40], that’s $200 extra,” said Murphy.
Nearby, Alan Kunst is hosting visitors from as far away as Oklahoma City at Sloan & Williams Winery. He expected a tour group of a dozen people on Monday night. Sloan & Williams just won the 2014 People’s Choice Gold Medal award for Best Texas Red Blend.
Visitors, like Amber Buehler of Dallas, says the lower prices make it easier to justify driving all the way to Grapevine on a Monday night for dinner with friends.
“I drive a Hummer. Something that takes a lot of gas, so you calculate it out, and it’s a lot of money to go a small distance,” said Buehler.
Economists say the dip in prices isn’t over yet — but may last several more weeks.
(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
Latest News:
- British Government Wants An NFL Team In London
- 164 People In Ohio Monitored For Ebola After Dallas Nurse Contact
- K-State’s Coach Snyder, Longhorn Ricky Williams Up For College Hall Of Fame
- Suspected Serial Killer With Texas Ties Refuses To Answer Judge
- Friend Speaks About Family’s Recovery From Ebola Diagnosis, Death
Top Trending:
