Market Insights with Mike: The Latest Macroeconomic and Impact Trends
By Camille Sheehan
BETHESDA, Md. – May 7, 2020 – As the industry has watched automotive travel stats, the Auto Care Association has been keeping an eye on other economic indicators. It’s hard not to compare current indicators to the Great Recession of 2008. We have learned that the Consumer Confidence Index (CCI) has dropped to 86.9 for April 2020 (down 34% from 130.7 in February 2020) – its lowest level since 2014 and at a steeper rate than in the 2006-2008 timeframe.
Gas prices have also dropped considerably in recent weeks (albeit for a variety of reasons – we will write more about the oil markets and its impact on the automotive industry in coming weeks). The U.S. national average price for gasoline has dropped 23% from in December 2008.
What do these indicators foreshadow for the coming weeks? It’s hard to say for sure, but we are seeing some signs of increased activity in automotive travel and activity in some industrial sectors. As we have cited in past columns, traffic has slowly crept up.
To read Mike’s full insights on what the latest economic indicators are foreshadowing for the auto care industry, click here.
About Market Insights with Mike:
“Market Insights with Mike” is a new series presented by the Auto Care Association’s Director of Market Intelligence, Mike Chung, that is dedicated to analyzing market-influencing trends as they happen and their potential effects on your business and the auto care industry.