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Aftermarket Business World Study Shows Influence of Economy and Gas Prices on Vehicle Spending
Post-recessionary caution continues to be exhibited by vehicle owners
"Although the recession has subsided, consumers are still feeling the effects of less discretional spending money and fewer jobs, and the public is proceeding with caution,” commented Krista McNamara, managing editor, Aftermarket Business World, about the latest survey results.
Sixty percent of those surveyed reported that the economy has made it more likely that they will keep their present vehicle, while almost one-fourth are looking to find a more economical vehicle to drive. When it comes to new car sales, 75 percent said they have no plans to buy or lease a vehicle this year. But of those who are looking, the majority are seeking a conventional combustion engine with 6 or more cylinders, rather than a hybrid, multi-fuel or 4-cylinder conventional combustion engine, despite rising gas costs.
"Respondents are holding steady on their miles driven, with just under half reporting that if there are no big upward swings in gas prices, they will continue to drive the same amount of miles," said McNamara. "But with the national gas price average currently hovering near $4 or more per gallon that's the tipping point where 37 percent of consumers report they will begin to reduce their miles driven."
Consumer respondents to the study were almost equally split in gender. Most commonly ranging in age between 35 and 64, less than one-fourth of those surveyed either fell below the age of 25 or above 65 years old, according to the results. The Southeast was the most represented geographical region, with 32 percent of respondents, followed by the Midwest and Southwest.
The majority of respondents' incomes fell either between $30,000 and $39,999 or between $90,000 and $99,999.
The Consumer Attitude Study from Aftermarket Business World was sent to 41,596 consumers and had a 3.3 percent response rate. Results are available online at www.search-autoparts.com
If you’d like to schedule an interview with Krista McNamara, contact Boris Chernin, marketing manager, at (310) 857-7632 or e-mail Boris at email@example.com.
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