RV industry leader Thor Industries recently reopened manufacturing facilities after shutting down due to shelter-in-place regulations in mid-March to an enthusiastic market. Key factors driving sales gains in this market as dealers reopen include:
- The idea of “work from home” can be moved to “work from anywhere” as many office jobs can be done in any location with an internet connection and RVs can act as mobile offices.
- Essential workers can use RVs to avoid cross contamination between work and their homes.
- RVs allow travelers to do socially distant travel by avoiding high density areas such as airports and hotels and gives them greater control of their environment and possible exposures.
- Recreation dollars are being reallocated – if consumers cannot go to traditional vacation destinations, children’s camps are canceled, and sporting events are not an option, the 20% down payment no longer seems like an obstacle to ownership.
Although RV owners have traditionally included families and retirees, younger people – including younger couples without children – have increasingly accounted for a greater share of RV owners. These trends are likely to increase the participation by this demographic.
For more information, see The Freedonia Group’s report Recreational Vehicles. Freedonia Custom Research is also available for questions requiring tailored market intelligence.