Research Respondent Says "I'll Pass Up Vacation to Gas Up My Truck"
According to the BIGresearch July Consumer Intentions and Actions Survey over 60% of truck owners are making fewer shopping trips, plus they are shopping closer to home, using coupons more often and doing more comparative shopping both online and with newspaper ads and circulars.
On the flip side, says the study, owners of cars and hybrids are not cutting back so drastically. When asked at what price per gallon gasoline would have to reach before they would change their driving habits:
Gary Drenik, president and CEO of BIGresearch, said "It's clear, especially among truck owners, that people are willing to drive less, spend less and consider every option to equalize the impact of rising gas prices -- including buying a smaller car. In fact, among those who own trucks, 35% have deferred major purchases, 55% have reduced dining out, and 58% have decreased vacation and travel just to be able to fill their gas tanks."
Of all the respondents to the survey who said they are planning on buying a new vehicle in the next 6 months, 75.9% of car owners said they would consider buying a car, 37.1% of truck owners, 30.6% of minivan owners and 47.3% of SUV owners.
Respondents Considering New Vehicle Purchase in Next Six Months
Type of vehicle considering:
Source: BIGresearch, July 2006
The sum of the % totals may be greater than 100% because the respondents can select more than one answer.
Drenik concluded, "... if people continue to have to make sacrifices in order to drive, retailers, entertainment and other industries will have to work harder and market smarter to capture ever-shrinking consumer dollars."
The complete release and complimentary findings are available here.