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RV Ownership Hits Record 8.9M Households
Posted By RV Business On October 21, 2011 @ 9:04 am In Breaking News | No Comments
The Recreation Vehicle Industry Association’s (RVIA) latest RV Consumer Demographic Profile, scheduled to be released to the industry this fall, shows RV ownership has reached a new peak while also offering promising news on future RV purchase intentions.
The research, conducted by Richard Curtin, RV industry analyst and director of consumer surveys at the University of Michigan, reveals the number of RV-owning households has grown to a new peak of 8.9 million households, up from 7.9 million in 2005. Nearly one-in-nine (8.5%) U.S. households now own RVs, up from 8.0% in 2005, according to an RVIA news release.
“Today’s record RV ownership levels reflect the enduring appeal of the RV lifestyle despite recent economic challenges,” said RVIA President Richard Coon.
In addition to showing that RV ownership rates have climbed steadily, the new RV Consumer Demographic Profile also offers promising news on future RV purchase intentions.
When RV purchase intentions are combined across current owners, former owners and new market entrants, a total of 21% of all U.S. households stated intentions to purchase an RV in the 2011 survey. This is on par with the 23% rate in 2005 and ahead of the 16% rate in 2001.
“These purchase intentions expressed in the new RV Consumer Demographic Profile are very encouraging for the industry,” added Coon. “The survey results gathered this year in a challenging financial environment track closely with the 2005 data when the economy and consumer outlook was much brighter. Overall, the results clearly indicate continued strong demand for RVs in the years ahead.”
Seventy percent of current RV owners plan to purchase another RV to replace their current unit. When compared to the purchase intentions of current owners in prior surveys, the 2011 data indicates a strong increase in new vehicle purchase intentions.
Among new market entrants, defined as households that have never owned an RV in the past, 14% planned on purchasing an RV in the future with more than a third of them intending to purchase a new RV.
Of all former owners, 27% plan to purchase another RV in the future. Here age was a determining factor with younger former owners (age 18-34) more likely than older former owners to purchase another RV. This underscores the need for the RV industry to stay in touch with recent former owners and to continue to present them ownership options.
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