Gas prices affect a lot of decisions in the automotive industry. Earlier reports had car buyers paying more attention to fuel economy, and the car industry looking for more fuel efficient solutions for vehicles. However, new reports are surfacing that show how higher gas prices could affect the driving habits of different age groups.
BIGinsights’ annual American Pulse survey found that the majority of participants felt that gas prices could hit $5/Gallon by memorial day. Many used the word “Ridiculous” or “Outrageous” to describe the idea of gas getting to the $5/gallon price point.
Between the different age groups surveyed, at least 73.3% said they regularly drove a car. Of those surveyed, very many of them stated that they would consider an alternate form of transportation when gas prices reached $5/gallon.
Generation Y led all other age groups in planning to adapt to the high fuel prices. Many from the young generation stated that they would take to carpooling, bicycling, walking, or public transportation.
In fact the report found that Gen Y is 13% more likely than the average population to drive less as pump prices rise.
Additionally about 30.6% of Americans pay more for gas per month, than their car payments.
The most interesting areas of the report show the contrasts between different age groups. While the younger Generation Y seems ready to adopt alternate methods of transportation, Generation X is the least likely to jump ship and change their ways, opting to keep on driving and pay the price.
Lastly, in an effort to save prices at the pump, drivers are buying groceries in bulk in order to reduce trips. Only 13.8% of those asked said they do not buy in bulk at all.
Over 4,000 Americans were surveyed, and the topics didn’t just cover driving habits. Many felt like the rising gas prices were interfering with vacation plans, and travel budgets.
When probed as to what was thought to be the most effective method to bring gas prices down; the age groups all agreed that the government should open up oil reserves for drilling. The younger generations were also heavy proponents of driving hybrids and more fuel efficient vehicles.
[Source: American Pulse]