Macro trends impacting your business

5 Macro Mobility Trends Positively Impacting the Automotive Aftermarket

1. Consumer mobility continues to thrive. TSA throughput grew 14% year to date in August 2023 vs. the same time in 2022, indicative of increased travel such as road trips.¹

2. 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

3. Mass transit use is still significantly lower than 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

4. 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, benefitting the aftermarket.⁴

5. Lower-income households have traditionally been the core consumer of the industry. 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