You Can Thank Millennials for the Revival of RVs
A decade ago, who could’ve imagined that RV sales would be at phenomenally high sales rates in 2017? In the midst of the financial crisis, it was laughable to think that the economy would turn itself around to the point that consumers would be invested unprecedented amounts of money into mobile vacation homes and trailers. But, with the economy on the upswing and consumers eager to dish out money on the latest and greatest transportation, RVs are basking in the glow of their revived popularity.
According to RV manufacturers, they can’t produce units fast enough to meet the continually increasing number of new orders. Sales in 2017 are dramatically high, with shares for the top RV brands up 40-70% over last year. This is a far way to come from the plummet in RV sales that happened in 2008.
Who’s making this RV renaissance happen? Millennials.
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While you may chuckle at how every automaker is trying to reach the elusive “urban adventurers,” with every new vehicle being aimed at this demographic, you can actually thank this population segment for reviving the popularity of RVs. According to analysts, a third of new RV sales are being made by young, first-time buyers who want to bring trailers and motorhomes on their outdoor vacations.
Just as SUV and crossover sales are booming in the automotive industry, so are RV sales increasing, with buyers using their utility vehicles to tow their new RVs. As young consumers are showing an interest in camping and outdoor recreational activities, so are they showing a desire to bring their amenities and technology with them. You might roll your eyes at the GoPro gangs on Instagram, but they’re the ones keeping RV companies thriving.
With this boom in RV sales, you can expect to see manufacturers churn out more modernized and tech-savvy features in their upcoming RVs.
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Source: CNN Money