Gas prices are at a historic high in terms of the number you see at the pump, and this is combined with higher overall price growth than we’ve seen in a generation. This combination has lots of consumers beginning the process of cutting back on spending, especially in areas like travel and other luxuries.
So far, retailers have mostly been impacted by higher transport costs, but as gas prices remain high, consumers are beginning to turn back more to non store retail, as well as consolidating their shopping trips and looking to cut back on spending – buying more store brands and cutting back on small luxuries.
In this five minute video interview, Prevedere’s senior economist Lindsey Peterson, answers pressing questions regarding the impact of rising gas prices on the retail industry, including:
- What has been the impact of higher gas prices on the retail industry?
- How do you expect this trend to continue for the rest of 2022?
- How can retail executives best plan against the challenges that will arise due to high gas prices?
***
About Prevedere, Inc.
Prevedere is the world’s leading provider of predictive analytics technology and solutions based on econometric modeling, enabling intelligent enterprises to understand and quantify the impact of external factors as part of their strategic planning and forecasting. Our global data repository and patented AI platform enable financial executives and operational planners to identify market drivers, quantify the future impact of economic volatility, generate performance forecasts, and optimize plans based on market foresight.
Prevedere’s automated AI model monitoring provides an early warning system when unplanned market shifts and anomalies are predicted, enabling planners to future proof business performance. Many of the world’s leading consumer packaged goods, retail, logistics, and manufacturing companies leverage Prevedere to generate economic intelligence, spot market opportunities, mitigate risks, and deliver exclusive competitive advantage.