Irvine, Calif. According to the latest Kelley Blue Book Marketing Research study, an increasing number of consumers say their purchasing behavior has shifted and will continue to change significantly if gas prices continue to rise. The latest 2008 results revealed that nearly 60 percent of vehicle shoppers say gas prices have changed their minds or strongly influenced their purchase decisions. Furthermore, 43 percent indicated they would seriously consider a more fuel-efficient vehicle if gas prices were to swell an additional 25 cents 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 from $2.97 to $3.27 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 behaviors, only 25 percent still have no intentions in changing their behaviors, compared to 34 percent in February. The results also showed consumers to be considerably more interested in alternative fuel technologies for fuel economy benefits, and less for environmental reasons.
