RV sales exploded over the last couple of years, but today demand seems to be falling off pretty drastically. Fortune reports that RV sales have tanked nearly 50 percent so far this year.
RV sales were the highest on record in September 2021, with over 55,000 sold. That was good enough to break the previous record set in March of the same year when 54,291 were sold. Those numbers were up over 50 percent compared to the same period in 2020.
Things are different this year. Data from the RV Industry Association shows RV shipments are down 49.2 percent (164,830) so far this year. Just 24,095 were sold in June. That’s a drop of 46.4 percent over June 2022. In total 228,740 RVs were sold in 2022.
Towable RVs, led by conventional travel trailers, ended the month down (-48.3%) from last June with 20,670 shipments. Motorhomes finished the month down (-30.8%) compared to the same month last year with 3,425 units.
While an automaker would be freaking out at numbers like these and we’d be busy getting our fingers ready to write articles about how some model is in danger of getting the axe, the RV boys are a bit more optimistic. RV Industry Association President & CEO Craig Kirby said he expects sales to pick up later this year
RVing has remained a preferred way to travel for more than 44 million Americans planning RV trips this summer. Our latest RV shipment forecast shows that shipments should begin to recover later this year and into 2024 as consumer confidence increases and the ongoing interest in camping and RVing turns into increased RV sales.
Will they pick up though? Sales data cited by Reuters shows that sales this year are set to hit their lowest levels in eight years. And with the Feds raising interest rates yet again, now might not be the time for buyers to buy a six figure home on wheels.