Updated 12/10/2012 02:57 PM
Declining gas prices could mean boost in holiday spending
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CHARLOTTE – Lower gas prices are good news for retailers in the middle of the busy holiday shopping season.
The Lundberg Survey shows prices dropped another 10 cents in the past three weeks – down 46 cents in the past two months – and have declined for nine consecutive weeks.
"Even if it's 10 cents to the gallon, that's $1 every 10 gallons, and every dollar helps," said driver H.D. Handler.
Cab driver Aphram Gebru drives a hybrid to save money and now has plans for the additional savings.
“The money I'm saving this holiday season, I use it for my kids, for my kids' school, for my kids' gift, and I make them happy this holiday,” he said.
There is typically an inverse effect with gas prices and retail spending. As gas prices decline, retail spending goes up.
"Every dollar that's left in someone's pocket is a dollar that they can use for not only their household groceries, but this time of year for Christmas gifts," said Mary Julia, a team leader at Target Northlake in Charlotte.
The Lunberg Survey notes that the national average is still 8 cents above what it was last year and estimates gas prices could go down another dime or two in time for Christmas.