RV Ownership Grows Among 18 to 34 Year Olds
This according to a study from RVIA that focused on purchase trends and intentions and motivations for purchasing an RV
According to a study from the RV Industry Association, RV ownership has increased among 18 to 34 year olds, who now comprise 22 percent of the market. The study also found that RV ownership has increased more than 62 percent in the last 20 years with a record 11.2 million RV-owning households, split almost equally between those older and younger than the age of 55.
Nearly a third of the respondents in the study (31 percent) are “first-time owners,” underscoring the growth of the industry in the past decade. Ownership spans age levels, but also genders, household income, and education.
Additionally, 9.6 million households intend to buy an RV within the next five years. Among current RV owners who plan to buy another RV in the next five years, the numbers for Millennials and Gen Zers stand out, with 84 percent of 18 to 34 year olds planning to buy another RV, with 78 percent preferring to buy a new model. This comes as RV sales are currently at an all-time high. A total of 41,509 new units shipped in September 2020 alone, a 31 percent increase year-over-year.
While the median annual usage for current RV owners remains steady at 20 days, people intending to buy an RV plan to use their RV a median of 25 days per year. This increase is indicative of the changing attitudes towards remote work and the ability for more people to be able to work from a destination more frequently than traditional vacation days afforded in the past.