Gas prices fuel lifestyle changes
Even though gas prices have been declining for most of the summer, consumers are still feeling the pinch and are changing their lifestyle to reduce the impact on their wallets. According to a recent Wall Street Journal Online/Harris Interactive Poll, 80 percent of U.S. adults are making changes to their lifestyle in response to gas costs. Almost six in 10 are minimizing non-critical travel, 40 percent are adjusting spending habits, and 32 percent have put a leisure road trip on hold.
Most of the people surveyed said they believe it is important to reduce energy consumption from vehicles, and 80 percent believe it's important to encourage the development and use of alterative fuels.
For those consumers who are planning to buy or lease a new vehicle, 49 percent would consider a hybrid. That finding synchs with a recent Consumer Reports survey that found that consumers want better fuel-efficiency and would consider an alternative-fuel vehicle.
The surveys reflect the sales data, as well. For example, in the first half of 2007, Toyota Prius sales have increased over 50 percent from last year. The trend continued in the month of July, as well, seeing the total number of Priuses climb to over 96,000 so far.
An August JD Power & Associates study found that hybrid vehicles are on their way to record sales in 2007, up over 35 percent from last year. According to the report, there will be as many as 65 hybrid models in the market by 2010, with sales expected to reach nearly 775,000 units.
Look for new 2008 hybrids including the Mazda Tribute and Saturn Aura hybrid to hit the showroom floor in the next few months, also check out our list of future hybrids.
With gas prices and saving energy on the minds of many consumers, the manufacturers are looking to fuel their interest by increasing their hybrid options in the market. It's a trend that is certain to grow in the coming years.
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