May 8, 2020—On this edition of the Auto Care Association's Market Insights with Mike, focus is put on the macroeconomic and impact trends amid COVID-19, according to a press release.
According to the release, Mike Chung, director of market intelligence for the ACA, found that the Consumer Confidence Index (CCI) has dropped to 86.9 for April 2020, which is down by 34 percent from 130.7 in February 2020. This is officially the lowest level since 2014 and at a steeper rate than in the 2006-2008 timeframe.
Chung also found that gas prices have dropped considerably in recent weeks. The U.S. national average price for gasoline has dropped 23 percent from in December 2008.
The report concludes it is hard to say what these indicators foreshadow, but the ACA is seeing some signs of increased activity in automotive travel and activity in some industrial sectors.