RVIA 2023 Shipment Forecast For RVs Lowest In More Than 20 Years

Source:China Sport ShowRelease time:15-Jun-2023Clicks:

Article From：SGB Media

RV wholesale shipments are projected to climb into the mid-300,000 unit range in 2024 after finishing 2023 in the 300,000-unit range, according to the Summer 2023 Issue of RV RoadSigns, the quarterly forecast prepared by ITR Economics for the RV Industry Association.

“Interest in RVing remains high with full campgrounds this summer and a third of leisure travelers saying they would like to buy an RV,” said RV Industry Association President and CEO Craig Kirby. “But the current economic conditions are causing some consumers to delay making discretionary purchases. This new forecast shows that shipments will begin to recover later this year and into 2024 as consumer confidence increases and the current interest in RVing turns into increased RV sales.”

The new forecast projects 2023 RV shipments to range between 307,000 to 287,200 units with a median of 297,100 units. The tide is expected to turn in 2024, with wholesale shipments increasing to a range of 354,400 to 342,500 with a median of 348,400 units.

The prediction for 2023, if accurate, would be the lowest shipment in a year since 2012, when the industry and the economy as a whole were getting back on their collective feet following the Great Recession.

As Kirby mentioned, the report found that the decline in RV wholesale shipments in 2023 is driven by macroeconomic headwinds impacting consumer budgets and leading consumers to postpone or forgo large discretionary purchases. The sharpest portion of the decrease will end in the middle of 2023, with rate-of-change then rising in the second half of the year and shipments growing in 2024 as inflation continues to ease and interest rates steady.

RV Industry Association members can view the Summer 2023 Issue of RV RoadSigns here.