A study by Kelley Blue Book Marketing Research found that the number of new-car shoppers adjusting their spending habits due to escalating gas prices has reached a record high.
Results from Kelley's April survey showed that 65% of shoppers are spending less on non-essential retail items because of high gas prices versus 42% six months prior. Furthermore, 53% said they eat out less often, 48% buy fewer media entertainment items, 15% carpool or find alternative means of transportation, and 10% have delayed buying a new home.
As for the types of new vehicles being sought by respondents to the Kelley survey, it's no surprise that gas-guzzlers are falling out of favor. According to Kelley, 47% of new-car shoppers would seriously consider a more fuel-efficient vehicle if gas prices rose another 25 cents or less. That number was 26% in October.
The latest Kelley Blue Book Marketing Research study surveyed 2,020 new-vehicle shoppers in April.