DALLAS — Relief at the pump has Americans gearing up for Thanksgiving holiday travel.
GasBuddy's annual Thanksgiving Travel Survey found that 41 percent of Americans plan to take a road trip this year, an 8 percent increase from 2022. Additionally, the national average price of gas is projected to drop to $3.25 per gallon, saving Americans $573 million during holiday travel compared to last year.
Fewer respondents (36 percent) said their plans were affected by high prices this year than last year, further demonstrating the relief at the pump, according to GasBuddy.
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Other key findings from GasBuddy's 2023 Thanksgiving Travel Survey include:
- Nineteen percent of respondents said they chose not to travel this year because inflation made fitting travel into their budget difficult.
- Nearly half of respondents (46 percent) ranked gas prices as the most important factor when choosing a pitstop, compared to convenience/location, which was most important to last year's respondents.
- More than half of respondents (55 percent) said they will be using a cashback or loyalty program to save money on gas when they fill up.
- Most respondents plan to begin their trip Wednesday, Nov. 22, or Thursday, Nov. 23, and leave between 8 a.m. and 11 a.m.
- Of those choosing to take a road trip this year, almost all (92 percent) said they also traveled by car for Thanksgiving last year.
Additionally, 39 percent of Americans said they are more interested in owning an electric vehicle (EV) than last year. Of those more interested in owning an EV, 18- to 29-year-olds saw the most interest (44 percent).
"More Americans are planning on hitting the road for the Thanksgiving holiday this year, and it's no wonder why. Average gas prices have plummeted in all 50 states in the weeks ahead of Thanksgiving, with $2.99 prices spreading like wildfire just in time for the start of the holiday season," said Patrick De Haan, head of petroleum analysis for GasBuddy. "Drivers will be saving over half a billion dollars from Wednesday through Sunday compared to what they spent last Thanksgiving with the national average at its lowest since January. However, with the big drop in price, motorists are not seeing all stations lower prices as quickly and should remember to check their phone for the lowest prices before filling up."
GasBuddy's 2023 Thanksgiving Travel Survey surveyed 6,359 Americans from Nov. 2-6. The Thanksgiving travel period is defined as Monday, Nov. 20, though Sunday, Nov. 26.
Dallas-based GasBuddy is the leading fuel savings platform providing North American drivers with the most ways to save money on gas. GasBuddy has delivered more than $3.5 billion in cumulative savings to its users through providing real-time gas price information at 150,000-plus stations, offering cash back rewards on purchases with brand partners, and through the Pay with GasBuddy payments card that offers cents-off per gallon at gas stations across the United States. GasBuddy has been downloaded more than 100 million times.
GasBuddy was acquired by PDI Technologies in 2021.