USTMA study uncovers post-pandemic trends
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WASHINGTON—Newly released data from a study that was a long time in the making shows the tire industry fared better than the overall economy during the economic depths of the COVID-19 pandemic.
The U.S. Tire Manufacturers Association reports spending on tires fell 15 percent from February to April 2020. While the drop is substantial, the figure compares favorably with the overall spending decline of 19 percent, the trade group said.
USTMA officials started examining the idea of a study back in 2019 as they looked for information to help guide decisions for the next decade. But before the exact parameters of the research were nailed down, the pandemic hit and caused a re-evaluation of the scope, according to Anne Forristall Luke, CEO of USTMA.