Affirm CEO Max Levchin says high gas prices are straining U.S. shoppers

NEW YORK — High retail fuel costs are increasingly constraining consumer spending power among U.S. households, according to Max Levchin, chief executive officer of buy now, pay later provider Affirm, as outlined in a CNBC report published on Aug. 28, 2026.

The executive's assessment arrives as retail fuel markets exert mounting pressure on household budgets. Data cited in the August report places the national average price for gasoline at $4.09 per gallon. Fuel prices nationally have not fallen below the $3 threshold since March 2, 2026, creating a sustained expense headwind for everyday retail shoppers.

Strategic Context

For point-of-sale financing providers and retail chains, consumer discretionary spending is closely tied to cost-of-living fluctuations. Elevated transportation expenses directly compete with discretionary retail purchases, altering the purchasing patterns of consumers who rely on short-term installment loans to manage cash flow. The persistence of fuel costs above $4 per gallon forces adjustments in household budgeting, affecting transaction frequencies and basket sizes across everyday retail categories.

Forward Outlook

Operators and allocators monitoring consumer credit and retail traffic must track fuel price trajectories alongside installment repayment metrics. As the national average remains anchored at $4.09 per gallon, the pass-through effect on consumer liquidity stands as a primary variable for retail sector performance through the remainder of the fiscal year.