The Auto Channel reported that Kelley Blue Book Marketing Research’s study showed that consumers will be spending less on their new vehicle purchase because of the high price of gasoline.  An astounding 44 percent of the polled respondents said that because of the high gas prices, they would look into vehicles they would not even consider buying if the price of fuel has not skyrocketed.

The report also states these results: "67 percent of those in the market for a new vehicle indicate they will not spend less on holiday gifts this year due to the rising cost of gas. However, more than 40 percent of consumers do say they are eating out less often and nearly 50 percent of consumers say they are doing less shopping of non-essential retail items such as clothes and shoes; further examples of consumers cutting back on self-spending."

Jack Nerad, the executive editorial director and executive market analysts for Kelley Blue Book, had this to say:  "While gas prices are clearly influencing the way consumers plan to spend money on themselves, such as going out to eat and delaying the purchase of a new home, it appears most people will not let the price of gas affect their holiday spirit and giving to others.  Based on our monthly study, shoppers are willing to sacrifice in order to still give to others, and it even extends to their next new-vehicle purchase. We are seeing more and more new-vehicle shoppers looking at smaller and more fuel-efficient cars than in the past."

Ricky Wainschel, the vice president of marketing research and brand communications for Kelley Blue Book, added:  "Determining how gas prices affect consumer shopping provides tremendous insight into shifts in the economy, and tracking their opinions of alternative fuel solutions sheds light on the possible adoption and acceptance rates of alternate fuel systems in the future.  Timely, in-market vehicle shopper feedback can provide invaluable information to automotive manufacturers and marketers, allowing them to tailor their messages and strategies more toward what car shoppers actually think and how they plan to spend their money."