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Consumer Responses To Rising Fuel Prices


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chicagolandauto
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Jul 2, 2008, 5:16 PM

Post #1 of 1 (1477 views)
Consumer Responses To Rising Fuel Prices Sign In

Now that fuel prices have skyrocketed, Consumer reports recently surveyed consumers to see how they are handling the changes. The fact of the matter is, the national fuel price average is up 38% since mid-Febuary, 2008. The results of the survey taken across the country are quite interesting.
For instance, 79% of car shoppers plan to buy more fuel efficient vehicles for their next purchase. 80% said they will consider flex-fuel or hybrid vehicles, compared to just 47% in 2007. A total of 54% said they would pay for better fuel economy. Another very interesting statistic is that 26% of americans surveyed indicated they were looking at motorcycles or motor scooters.
Overall, the most important theme from respondents-- twice as many as 2007-- stated that fuel economy was most important to them. The irony in the survey taken is that 69% of shoppers who desire fuel efficiency still prefer a vehicle that is the same size or larger than their current ride! Reminds me of that old saying, " You can't have your cake and eat it too!"
Lastly, in terms of compromises, besides paying extra, almost 49% of consumers claimed they would compromise size or capacity. 38% would sacrafice amenities, and 31% would give up some performance, as long as fuel efficiency was there. Only 15% reported that they would compromise safety features, which is good news! Thank you Consumer Reports!
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