RVIA’s Forecasting 2023 Shipments in 300,000-Unit Zone
FAIRFAX, Va. – 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 (RVIA).
“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 & 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 decline in RV wholesale shipments in 2023 is being driven by macroeconomic headwinds that are 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 beginning to rise 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 click here to view the Summer 2023 issue of RV RoadSigns.
Members are invited to attend a webinar with ITR Economics for an in-depth explanation of the new forecast at 1:30 p.m. ET June 13.
Click here to register for the webinar.
Source: https://rvbusiness.com/rvia-roadsigns-sees-2024-shipments-in-mid-300k-range/
