Do RV Sales Indicate a Smoother Ride for the Economy? – RVBusiness – Breaking RV Industry News
Tesla signaled a slowdown in sales when it announced first quarter delivery figures. The electric vehicle maker is facing stiff competition from Chinese manufacturers, not to mention EV sales have hit some bumps across the board, according to a report by Meghan McCarty Marino for marketplace.org. But another segment of the vehicle market has been hurting even more: RVs. Motorhomes and towable trailers had their worst year in more than a decade in 2023.
Now there are signs that slump could be reversing, which could be a positive indicator for the economy as a whole.
A lot of economists like to watch things like bond rates or household consumption trends, but Michael Hicks at Ball State University looks to the campground.
“RVs do extraordinarily well in predicting business cycles because they’re such a big, volatile consumption piece for most American consumers,” he said.
They often cost hundreds of thousands of dollars, so sales tend to drop at the slightest hint of bad economic news and pick up again when consumers are feeling better.
Click here to read the full report at marketplace.org.
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