During the economic recovery that followed the financial crisis of 2008, sales of recreational vehicles like motor homes boomed for several years.
The coronavirus pandemic appears to be sparking another boom in the industry as travelers concerned about the risks of flying are packing their families into RVs and seeking out campgrounds around the country.
Dealers and RV manufacturers, such as Thor Industries, Winnebago and Forest River, have reported spikes in demand during the spring and summer of 2020, and industry analysts say several good months could be ahead.
A lot of these buyers are first-timers, and many are purchasing lower-cost units, which are often favored by younger consumers.
Click here to see the full story from Robert Ferris at CNBC.
“All dealers are reporting a high mix of first-time buyers as evident by lack of trade-in units,” said Wells Fargo analyst Tim Conder in a July 15 note. “Dealers are saying as high as 80 percent of customers are first-time buyers … vs. the typical 25 percent mix. The pandemic is driving the purchase decision for new-entrants.”