The National Association of Convenience stores said Wednesday less cash spent at the gas station should translate to more money going to holiday spending.

NACS found consumer sentiment was buoyed by lower retail gasoline prices in the United States. It said that, for every 1 cent gas prices decline, U.S. consumers are saving a collective $3.7 million per day at the pump.

In its survey of consumer optimism, the industry group found a high level of confidence going into the holiday season, which corresponds to the long trend downward for gasoline prices.

Jeff Lenard, vice president for strategic initiatives at NACS, found low gas prices usually correspond with an upbeat consumer outlook.

"However, declining gas prices alone may not take consumer sentiment much higher in the short term," he said in a statement. "It may take similarly positive news about the economy as a whole before the majority of Americans feel positive about the economy."

Gasoline prices in the United States passed below the psychological threshold of $3 per gallon during the first weekend in November, the first time that happened in nearly four years. The national average price of $2.923 is about 3 tenths of one cent less than Tuesday's, though it was Sept. 25 the last time gasoline prices increased.