Recreational vehicles were in high demand during the pandemic, but Americans’ interest in the motor-home life seems to be dwindling.
Shipments of RVs are down 49.2% year to date, according to the RV Industry Association, with a 46.4% drop in June compared to the same period last year.
For the year to date, sales of all trailers totaled 105,975 units. Last year at this time, the number stood at 228,740. But the trade group says it expects the slump to end soon.
“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,” said RV Industry Association president and CEO Craig Kirby in a statement.
Virtually all categories of trailers saw sharp declines both in June and year to date. Only one, mini-trailers (also called Class A), has posted gains, with overall sales up nearly 3% in 2023.
RV sales spiked a year ago just as gas prices neared all-time highs, as people looked to control travel costs but still get out following the COVID-19 lockdowns.
Mileage varies on the vehicles. A Class B RV, also called a camper van, gets about 24 miles per gallon, for instance. Owners of a Class C vehicle, which is built on a truck chassis, average somewhere close to 16 miles per gallon. And a Class A giant RV will get about 11 miles per gallon.
At present, Reuters reports, RV sales in 2023 are on track to hit their lowest level since 2015. Beyond lowered demand, a sharp rise in interest rates has also made RVs much less affordable in recent months.
RV sales have historically been a gauge of upcoming recessions. Economists, though, say that might not be the case this time around, since there was such a surge in interest during the pandemic.