The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Wed Dec 6, 2017
Data shows that more Americans are taking to the roads and highways in recreational vehicles than ever before. Yahoo Finance released a report on why the industry has experienced such a jump in sales.
Thor Industries reported its best quarter ever, selling $2.2 billion worth of RVs. The company says that demand is so high they can’t make the RVs fast enough.
At the Outlook Breakfast at the RVIA National Trade Show, RVIA President Frank Hugelmeyer said total RV shipments are now expected to eclipse the 500,000-unit mark by the end of 2017 and reach about 522,000 units in 2018, which would mark the ninth consecutive year of growth.
Bill D’Andrea, owner of Family Camping Outlet, which has been selling RVs in Pottstown, Pennsylvania for 36 years, told Yahoo Finance that business has been booming since the recession ended.
“When the economy started changing, people wanted their campers again,” D’Andrea says. “RVs have really escalated quickly back up to and far exceeding the time before the recession.”
Why the jump in sales?
According to RVIA, a record 9 million households own an RV in 2017, a 64 percent gain since 1980.
Traditionally, baby boomers have been the group most associated with RVs, and with 10,000 Americans turning 65 every day, the group’s influence continues to grow. The AARP credits baby boomers with the increasing popularity of teardrop campers, small two-person trailers that can be towed behind a car. In addition, older buyers typically have more money and time to spend on luxury purchases.
At the same time, millennials have also fully embraced travel and the RV lifestyle. An RVIA survey found that buyers aged 35-54 are the largest segment of RV owners, a trend that D’Andrea has seen with his customers, Yahoo Finance reported.
“It used to be baby boomers, but now we are seeing more kids in their 20s,” he says.
To read more on this report, click here.