RVIA has released Summer 2023 issue of RV Roadsigns, the association’s quarterly forecast prepared by ITR Economics for the association. RVIA will hold a webinar for members with ITR Economics for an in-depth new forecast explanation at 1:30 p.m. ET June 13.
Wholesale RV shipments are projected to climb into the mid-300,000 range in 2024 after finishing 2023 in the 300,000-RV range, RV Roadsigns said.
The new forecast projects 2023 RV shipments will range between 307,000 to 287,200 units with a median of 297,100 units. RVIA said. The tide is expected to turn in 2024 with wholesale shipments increasing to a range of 354,400 to 342,500 with a median of 348,400 units.
According to RVIA President and CEO Craig Kirby, “Interest in RVing remains high with full campgrounds this summer and a third of leisure travelers saying they would like to buy an RV, but the current economic conditions are causing some consumers to delay making discretionary purchases. This new forecast shows that shipments will begin to recover later this year and into 2024 as consumer confidence increases and the current interest in RVing turns into increased RV sales.”
The decline in RV wholesale shipments in 2023 is being driven by macroeconomic headwinds that are impacting consumer budgets and leading consumers to postpone or forgo large discretionary purchases, RoadSigns said. The sharpest decrease will end in mid-2023 with rate-of-change then beginning to rise in the 2023’s second half and shipments growing in 2024 as inflation continues to ease and interest rates steady.
RVIA members can view the Summer 2023 issue of RV RoadSigns here.
Members can register for the webinar here.
