RV travelers: their love affair heats up travel industry
Despite rising gas prices, the RV industry continues to make steady inroads into the US travel industry, as shown by the latest industry figures showing the industry had the best sales year in three decades.
Campgrounds report full occupancy even though RV’s typically get less than 10 miles per gallon of gas — leading to the false assumption that rising gas prices would curtail sales.
But almost 400,000 units were sold last year, proving in part that the current Baby Boomers like the travel lifestyle.
There were almost 400,000 RV’s sold last year, reported the Recreation Vehicle Industry Association.
But a recent survey also found that two thirds of owners plan to use their RV more this spring and summer. Only 4% say they use it less.
“RV ownership has reached record levels. Some 7 million households or nearly one in 12 US vehicle owning-households now own an RV,” said the Outdoor Recreation Network.
The annual retail value of RV shipments is now up to $13 billion. RV rentals are almost $200 million a year.
“Baby boomers now comprise the largest segment of the RV market and ownership will continue to rise as the Boomer population ages,” said the RV Network.
“Our industry is coming into its sweet spot for growth as population and demographic trends favor long-term RV market growth. Buyers aged 35-54 are the largest and fastest growing segment of RV owners,” said Jim Johnson, an executive with a major RV company.
A survey by RV news found
- Fuel prices would need to triple from their current level to make RVing more expensive for a family of four than other forms of travel, according to PKF Consulting. Their 2005 vacation cost comparison study shows that RV trips remain the most affordable way for a family to travel because of the significant savings on hotel and restaurant costs.
- “Despite fluctuating fuel prices, RV travel is a great value. The 2005 PKF Vacation Cost comparison study showed that a family of four can save 26-to-74% on vacation costs depending on the type of trip and type of RV used,” said RV news.
- RV industry forecaster Dr. Richard Curtin, director of consumer surveys at the University of Michigan, says growth rates in the RV marketplace are likely to continue accelerating. He projects the number of RV owning households will rise to 8.5 percent in 2010.
Report by David Wilkening
David
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