A day after a study by America's Research Group found U.S consumers are beginning to sacrifice food and grocery shopping in order to afford rising prices at the gas pump, AutoTrader.com reported that a majority of Americans are considering purchasing more fuel-efficient vehicles.
The trend is no surprise considering that Americans' interest in more compact and energy-efficient vehicles grew amid the gas crisis of a few years ago as well. But the survey found that 62 percent of car shoppers are considering buying a vehicle that is more efficient than the one they currently own, offering bad news to sellers of trucks, SUVs and other large automobiles.
"As the average price for a gallon of gas began hitting the $4.00 mark across the nation, consumers continued shifting their focus toward fuel-efficient cars," the report reads.
Also this week, a report from global consulting firm A.T. Kearney reported sales of automobiles are expected to reach 13.2 million this year, despite growing supply chain concerns and higher gas prices, suggesting consumer confidence is returning to levels unseen since prior to the recession.