Driven by an increased interest in domestic travel and the shift towards more remote work, the compound annual growth rate of the North American recreational vehicle (RV) industry is expected to grow by 7%, from US $18.36 billion in 2023 to US $26.96 billion by 2028.1
Five industry trends that RV dealers should look for in 2024 are:
1. Increase in younger buyers:
Industry data shows the greatest increase in RV buyers is among 34-to-51-year-olds, with about half being younger than 55 and more than one-fifth being between 18 and 34.2 Younger buyers of RVs are often looking to travel and spend more time in the great outdoors.3
Key takeaway: There is expected to be demand for beginner-friendly products that offer the potential for an exciting new lifestyle for first-time buyers.
2. More flexible work arrangements:
One of the changes brought about by the pandemic that’s here to stay is the increased number of employees who can work from home. This has helped spike interest in RVs among those looking to embrace a more travel-centric lifestyle while working from anywhere they choose.4
Key takeaway: RVs that offer the potential to combine work, home and travel are expected to appeal to those seeking a more adventurous, remote style of living.
3. Higher value placed on sustainable products:
A recent consumer survey that compared the views of consumers and senior retail executives found consumers across all generations are willing to pay more today for sustainable products than retailers expect. Nearly 90% of Gen X consumers (born 1965-1980) said they would be willing to spend an extra 10% or more on sustainable products.5
Key takeaway: Young consumers are looking for value when buying an RV, and they may be willing to pay a premium for sustainably made products.6
4. The importance of digital platforms:
Today’s RV buyer is more likely to begin their purchasing journey online than in a dealership. They’re likely to be influenced initially more by what they see online than by floor salespeople.
Key takeaway: Today’s buyers expect accessible, easy-to-navigate websites and social media platforms.
5. Desire for dealer financing:
76% of U.S. consumers who took part in a point-of-sale survey said they would be more likely to make a retail purchase if a payment plan was offered as part of a seamless point-of-sale experience.7
Key takeaway: Consumers value point-of-sale consumer financing.
Learn how Aqua’s competitive consumer financing can help advance your business in the year ahead. Contact us today at:
800-234-3663, option 4, ext. 6094
[email protected]
