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GasBuddy Fuel Transaction Data Uncovers How COVID-19 Created a New Gas-Buying Landscape - Yahoo Finance

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New group of budget-minded fuel-buyers emerge consisting of city-dwellers-turned-car-owners, shift from night-to-day fill-ups, increased demand for diesel and more expensive fuels among the changes occuring in the $600 billion fuel and convenience industry

Fuel Transactions by Hour of Day
Fuel Transactions by Hour of Day
Fuel Transactions by Hour of Day
Fuel Transactions Across the United States by Region, June - August 2020 vs. 2019
Fuel Transactions Across the United States by Region, June - August 2020 vs. 2019
Fuel Transactions Across the United States by Region, June - August 2020 vs. 2019

Boston, MA, Sept. 29, 2020 (GLOBE NEWSWIRE) -- COVID-19 forced tens-of-millions of Americans to work from home, moved schooling onto screens and into kitchens, cancelled international travel and overall upended routines. Today GasBuddy, the travel and navigation app used by more North American drivers to save money on gas, issues a new analysis that examines how recent events have changed the most ingrained routine for American families, buying gas, including a new set of customers.  

The average number of fuel transactions saw a much smaller dip than anticipated, only decreasing by 6% from June - August compared to the previous summer. This is largely due to the growth in car sales, especially used cars1. The virus created a new group of unexpected car owners made up of consumers who reside in cities with robust transit systems but are now looking for ways to avoid trains, buses and ride-share during the coronavirus pandemic; and consumers who have recently left the city for the suburbs and are in need of a form of transportation.  

From Night to Day

The pandemic-led shift to telework changed the times in which drivers frequented the gas station year-over-year, with more drivers filling up during typical “work hours.” There is a 12% increase in gas-purchases during late-morning hours from 9am-12pm, and a 27% decline in evening hours from 6pm-12am. The early-morning commute was also affected, with a 12% decline in fuel purchases between 4am and 7am. 

The trend was more pronounced in sprawling metros like Los Angeles where midday fill-ups from 10am-2pm increased by 12%, while evening fill-ups after 6pm decreased by 16% and early-morning fill-ups from 4am-7am decreased by 16%.

Fridays remained the busiest day to fill up from 2019 to 2020. 

“If remote work becomes a long-term reality, this could reshape the U.S. c-store industry from demand levels to consumer habits,” said GasBuddy head petroleum analyst, Patrick De Haan. “Removing limitations like having to commute to work or picking up the kids from soccer practice opens up the window of time as to when people run their errands, as evident by GasBuddy data that clearly shows a significant shift in when fuel transactions are occurring.” 

Rise in Higher-Grade Fuel and Diesel

Gas prices during the months of June through August were as much as 40-80c/gal lower than the same months in 2019, likely the cause for consumers to purchase more expensive, higher-grade fuels including midgrade (+19%) and premium (+8%). Overall regular grade fuel purchases decreased by 3%. 

In addition to higher-grade fuel purchases, there was a notable increase of 6% in retail diesel fuel purchases, likely caused by the surge of RV travel during the summer. 

“Record low fuel prices and little-to-no air travel led consumers to explore alternative and perceived safer vacation options, including road trips and RV rentals,” says De Haan. “If the pandemic continues, this trend will likely hold through the holidays and into the New Year. We could see increased sales in vehicle maintenance items as motorists get more out of their vehicles.” 

Less Frequency, Larger Transactions 

The spread of COVID-19 cases through different regions of the United States affected fuel purchases throughout the summer, as later-hit areas like the Southwest experienced a downturn in fuel demand in June and July, resulting in fewer transactions (-9%) and gallons purchased (-10%) compared to regions that experienced the height of COVID-19 cases in April such as the Northeast, with a 7% decrease in transactions, yet a 7% increase in gallons purchased. 

Regions of the United States with large expanses of roadway as well as highly condensed regions made fewer transactions but purchased more gallons per transaction. In the Rocky Mountains, gas stations saw an increase of 26% in the average number of gallons purchased, while average transactions were down nearly 10% from the previous summer. The Northeast saw a smaller but noticeable increase in average gallons purchased (7%), while total average transactions were down 7% from 2019. 

This is particularly true in states where motorists need to drive for an extended period of time like Montana and Wyoming, as well as states where driving is minimal and drivers can afford to wait to fill up, such as Massachusetts and Connecticut. In all regions, it is evident that Americans reduced their travel compared to the prior summer due to the virus.

Methodology

GasBuddy examined fuel transactions from the company’s Pay with GasBuddy® savings program used by more than 800,000 Americans, from June 1 - August 31, 2020 compared to the previous year. 

About GasBuddy 

For budget-minded drivers, GasBuddy is the travel and navigation app that is used by more North American drivers to save money on gas than any other. Unlike fuel retailer apps, as well as newer apps focused on fuel savings, GasBuddy covers 150,000+ gas stations in North America, giving drivers 27 ways to save on fuel. That’s why GasBuddy has been downloaded nearly 90mm times – more than any other travel and navigation app focused on gas savings. GasBuddy’s publishing and software businesses enable the world’s leading fuel, convenience, QSR and CPG companies to shorten the distance between the North American fueling public and their brands. For more information, visit https://www.gasbuddy.com.

1 NYTimes, “Looking to buy a used car in the pandemic? So is everyone else” - Sept 7, 2020

Attachments

CONTACT: Allison Mac GasBuddy 3105715828 press@gasbuddy.com

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GasBuddy Fuel Transaction Data Uncovers How COVID-19 Created a New Gas-Buying Landscape - Yahoo Finance
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