Making changes due to gas prices

Are consumers taking drastic steps to burn less fuel and save money? Edmunds.com, an online resource for automotive information, released the results of its survey showing how consumers are rapidly adapting to the rising costs of gasoline.

“This is a fascinating insight into how quickly consumer behavior is changing in response to high gas prices,” said Philip Reed, Edmunds.com senior consumer advice editor. “Based on the results of the survey it appears we are moving into a very different era both on the highways and in the showrooms.”

The survey, available to all Edmunds.com home page visitors between June 20 and June 25, asked visitors to respond to several brief questions. The 1,312 responses indicated the following:

– 95% of respondents report making changes to lifestyle as a result of high gas prices

– Nearly 50% are driving fewer miles or combining errands to reduce fuel consumption

– 93% of respondents have changed the way they drive or maintain their vehicle

– 44% of respondents report driving slower or less aggressively to increase fuel economy

– 35% of respondents say they are already in the market for a more fuel-efficient vehicle

– Over 50% will be in the market if gas reaches five dollars per gallon

– Consumers are generally optimistic that fuel prices won’t rise much more in the near future

– 73% believe the national average gasoline price will be under five dollars per gallon during Labor Day weekend (August 29 - September 1, 2008)

12:48 PM - Aug. 16, 2008 - comments {0} - post comment

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