Higher Gas Prices Haven't Moved the Needle on EVs

ALEXANDRIA, Va. — Higher gas prices are prompting consumers to reconsider their everyday household purchases, but they aren't yet looking to switch to electric vehicles (EVs), according to the latest NACS Consumer Fuels Survey.

Just 36 percent of drivers who say they intend to buy or lease a new car within the next two years would consider purchasing an EV, with convenience listed as a concern. Additionally, 60 percent of drivers think charging an EV would be difficult outside of their home and 54 percent believe EVs are less reliable than traditional gas-powered vehicles.

These consumer perceptions help explain why only 50 percent of all drivers say they have a positive attitude toward EVs while 39 percent say their opinion of EVs has improved in recent years, according to NACS.

"EVs are undoubtably an important part of our future, but there is debate about the timeline for adoption. Today's drivers of gasoline-powered vehicles express range anxiety because of uncertainty around charging infrastructure availability," said Jeff Lenard, NACS vice president of strategic industry initiatives. "This is a valuable opportunity for retailers and others to address and educate future EV consumers."

Consumers are looking elsewhere to save money, with 88 percent reporting they have grown more price sensitive when purchasing groceries (88 percent) and buying gas (87 percent). They are also cutting back on snacks and drinks (80 percent) and dining out less often (74 percent). These figures reflect an across-the-board increase since the NACS Consumer Fuels Survey in February, when gas prices were approximately 20 cents less per gallon.

More than nine out of ten (91 percent) consumers say grocery prices have increased during the past few months; 84 percent say gas prices have increased; 82 percent say vehicle prices have increased; and 82 percent say the cost of dining out has risen.      

Price concerns also affect where consumers purchase gas, as 66 percent of survey respondents say price is the most important factor and 24 percent say location is most important. Just 10 percent choose to fill up at a location that offers a specific brand.

Drivers also care about their experience when visiting convenience stores, as 93 percent say it is important to get in and out quickly, 87 percent say friendly employees matter and 74 percent want to know that c-store retailers care about their local community.

"Value in all senses of the word is increasingly important to customers. It's not just about price but also how you make people's lives and their communities better. Retailers who do this best and tell that story to their customers are best positioned for future growth," Lenard said.

The national NACS Consumer Fuels Survey was conducted Sept. 10–13 by Bold Decision, a national public opinion research firm. A total of 1,200 American adults were surveyed online, including 1,049 who said they were regular gas customers.

Alexandria-based NACS is the global trade association dedicated to advancing the role of convenience stores as positive economic, social and philanthropic contributors to the communities they serve.