In part two of the RV Industry Association’s (RVIA) “Trends In RV Ownership,” the report examines the influence of younger buyers in the RV market and how their imprint is helping drive the most recent expansion of the RV market.
RVIA Newa & Insights reported that data from Statistical Surveys Inc. collected on RV retail registrations found that from 2015–2018 the share of RV ownership by age range increased in the younger age brackets. RV ownership for those aged 35-44 increased from 18.42% in 2015 to 20.75% in 2018. For those aged 25-34, it rose from 5.03% to 8.1% Even the youngest age range of 18-24 saw a gain of .15% to .37%
This strong interest in RV travel and camping among younger consumers is confirmed in Go RVing’s Future-Ready Research of Millennials, rolled out in summer 2018, showing that RV ownership has tremendous appeal among this cohort. The research reports found that among Millennials:
• 53% are interested in buying an RV.
• 26% call themselves highly-likely RV buyers.
• More than half (55% wish they had an RV.
These strong purchase intentions correspond with a study Go RVing conducted with Nielsen in 2016 focusing on the demographics and psychographics of prospective RVers across age ranges and ethnicity. Among prospects surveyed, more than half have considered renting an RV. Further, 35% have actually looked into purchasing an RV; 38% have visited an RV dealer; and 15% have previously rented an RV.
Additionally, the Nielsen study grouped these prospects into three distinct groups of consumers most likely to buy an RV – Active Family Adventurers, Nature Lovers, and Kid-Free Adult Adventurers. Combined, this group of potential RVers represents 40 percent of U.S. households.
In general, the consumers in all three primary opportunity segments have favorable views towards RVs and the RV lifestyle. Just like RV owners, they like to take road trips and see RVing as a convenient way to explore the country, participate in outdoor activities and spend time with family and friends.
To view the full report click here.