According to the latest Kelley Blue Book Marketing Research study, an increasing number of consumers say their purchasing behaviour has shifted and will continue to change significantly if gas prices continue to rise.
The latest 2008 results revealed that nearly 60 per cent of vehicle shoppers say gas prices have changed their minds or strongly influenced their purchase decisions. Furthermore, 43 per cent indicated they would seriously consider a more fuel-efficient vehicle if gas prices were to move above current levels.
Both measures are up 11 points from the previous month’s Kelley Blue Book Marketing Research study.
With average gas prices jumping visibly in March, there is ample reason to see why consumer attitudes are shifting. While the vast majority of shoppers are indicating an alteration in their purchasing behaviours, only 25 per cent still have no intentions in changing their behaviours, compared to 34 per cent in February. The results also showed consumers are considerably more interested in all the various alternative fuel technologies for fuel economy benefits and less for environmental reasons.
The latest study was conducted among 1,100 in-market new-vehicle shoppers during March 2008.