Higher income areas in the northeast see less of a bite. The average household in New York will spend less than half the amount that Montana or Mississippi families might expect to pay for fuel, and the aggregate expense totals just 4.71% of income. But New York families have nevertheless seen a rise of more than 12% from last December, according to the extensive data sets provided in the study. Other states where fuel costs account for less than 6% of household income include Maryland, Massachusetts, Nevada, Illinois, Hawaii, Colorado, and Minnesota.
The OPIS & PortiaGroup report represents an invaluable tool with indispensable insight for any companies in the retail space, and looks at predictable consumption outcomes across a broad spectrum of products nationwide. The study includes a look at what state-specific fuel prices might look like if early 2011 follows anything resembling recent price templates for retail gasoline.
Smart retail executives can use the data and analysis to get ahead of what might be stunning behavioral changes in 2011 and proactively adjust merchandising to capitalize and enhance the bottom line.