Low US fuel prices expected to boost tackle sales
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A reduction in fuel prices could provide a significant boost for the fishing tackle trade in the US.
According to a report by the JP Morgan Chase & Co. Institute, Americans will save an average $700 this year on gasoline expenses. Furthermore, they are choosing to spend the ‘windfall’ rather than save it.
Large parts of the country are enjoying the fuel saving benefits and even in places where prices remain over $2 a gallon, the average price is down significantly from the peaks of last year.
Given the distances traveled and the fact that a high proportion of anglers have boats, gasoline is one of the main costs for US fishermen.
Of interest to the industry is that people living in the South and Midwest, two of the areas where the purchase of fishing licences is at its highest, are saving the most.
The Institute’s report also reveals that males aged 30 to 39 – a key demographic in the recreational fishing market – are the chief beneficiaries of the reduction.
The report is based on data from 57 million debit and credit card holders across the US.
Gas prices are expected to remain low during 2016, but could be offset by a federal government announcement that, for the first time since the Seventies, social security payments will not be increased next year. Ironically, the government says this is because of lower gas prices.