Get the top five trends impacting the auto aftermarket and tire industries
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Consumer mobility continues to thrive
TSA through put grew 14% year to date in August 2023 vs. the same time in 2022, indicating increased travel such as road trips.1
Gasoline prices are down over 15% vs. a year ago
Miles driven in June 2023 were up 3% vs. a year ago. Lower gasoline prices benefit households of all income levels, especially the core lower-income DIY consumer.2
Mass transit use is still significantly lower than in 2019
New York City subway ridership is at 70% of its pre-pandemic average. While hybrid work is partly to blame, consumers choosing to travel via car also explains this trend.3
Despite new car inventory improving, economic uncertainty and higher interest rates have kept retail sales lower than pre-pandemic levels
This trend continues to push the average age of the U.S. vehicle fleet older, benefiting the aftermarket.4
Lower-income households have traditionally been the industry’s core consumer
But households with incomes over $100K became the top contributor to sales during the pandemic and have stayed there. This shift continues to present unique opportunities based on the brands they buy and what they drive.5
1Source: Transportation Security Administration
2Source: Energy Information Administration; U.S. Department of Transportation
3Source: Metropolitan Transit Authority
4Source: FRED Economic Data
5Source: Circana, Checkout Omnichannel Tracking
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