After shares of Thor Industries surged over 13 percent on Tuesday off a strong earnings report, President and CEO Bob Martin broke down the RV maker’s forward drivers for CNBC.
This story by CNBC includes the Thor video interview here.
Consumers are increasingly gravitating towards RVs — many of which now boast amenities like large refrigerators, televisions and Wi-Fi — as ways to live life, not just camp, Martin said. Executives like Martin see tent camping and RV renting as “gateways” to owning RVs.
A study sponsored by the Kampgrounds of America showed that 61 percent of U.S. households, or roughly 75 million, “now include someone who camps.”
To Martin, renting RVs represents a more affordable way to break into the lifestyle, particularly since consumers who try “RVing” tend to do it again.
As personalization becomes increasingly important to consumers, especially those who travel, RVs come into the fold as a formidable solution, the CEO said.