The RV market may be picking up speed again
Winnebago, the well-known recreational vehicle company, will file its quarterly financial results Thursday. Whether or not the report reveals a smooth path for Winnebago, the larger RV industry has been on more of a roller coaster. A few years back, an unprecedented number of RVs were sold, which was followed by a drop. But the RV market may be picking up speed again.
People who wanted to try the RV life during the pandemic had fewer options when demand was high, so they bought more or less whatever was available.
“And now they’re like, ‘I love the lifestyle. But I’d actually like, you know, bunk beds,'” said Monika Geraci with the RV Industry Association.
Shipments of RVs are on track to be up 10% this year compared to last, she said. Most of those are travel trailers — the kind you hook to the back of your car — that generally cost between $25,000 and $45,000.
A lot of buyers finance those purchases, and Geraci said some are taking the leap, if they can.
“Interest rates aren’t continuing to rise, so people are more comfortable with where the interest rates are,” she said.
If rates go back down, she thinks RV sales will go up even more. Also, owners’ changing needs can lead them to trade in, said industry consultant Chris Dougherty. Some become empty nesters.
“So they may go to something either smaller or larger that’s set up for couples,” he said.
And the RV you want when you’re in your 60s is not the same as when you’re hitting the road with two kids, the cat and the dog.