Setting the Scene
By 2030, the global RV market is projected to grow from 48.26 billion in 2023 to 63.65 billion by 2030. This trajectory suggests that as we roll into 2024, we can expect continued growth in the market size to surpass the $50 billion mark. But there’s more to the story. Regular travel costs are going up – like plane tickets, car rentals, and hotel stays. This is when owning an RV starts to make a lot more sense to consumers and can actually be a smarter financial move.
As the cost of living increases, I believe we will see people gear towards living in trailers, even more so than our current client base.
KEVIN REINHART Tom Schaeffer’s RV
More than ever, selling an RV isn't just about the vehicle; it's about selling a lifestyle. The freedom of the open road, the ability to work and live anywhere, and the embrace of sustainable living are powerful narratives that dealers can harness.
Navigating the Financial Landscape The aggressive interest rate hikes , which marked a significant pivot from the accommodative stance in previous years, are set to reshape consumer behavior and purchasing patterns. It's a change that signals an attempt to control inflation and stabilize the economy after periods of uncertainty.
In an IDS survey of RV dealerships across North America , almost 60% said rising product prices would be the biggest challenge they anticipated facing in 2024. While 2024 is anticipated to be a better financial year, dealerships need to brace themselves for the immediate effects on consumer spending habits these hikes might inflict on the RV market.
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