One of the themes of this unprecedented 2020 calendar year continues to be concentrating on becoming more efficient. Workplace efficiency, fuel efficiency, emission efficiency, and time efficiency are a few examples of topics at the forefront of the business world. Apple has identified an opportunity to aid in all different industries across all levels.
Gas prices are rising to record levels as the summer travel season is upon us. With higher gas prices, “the EIA says the average U.S. household will spend an additional $190 to keep their cars’ gas tanks filled this summer.” As evidenced in 2008, when gas prices rise, consumers start to change their buying behavior. Currently, American consumers are not seeing the $4 per gallon levels of 2008 but will make small changes in their lifestyles to compensate for the increased prices. Some consumers will cancel their summer vacations, but economists expect to see smaller, less drastic changes in discretionary spending. For instance, when a consumer pays more at the gas pump, they would be less likely to purchase items in convenience stores.