Slideshow: Highlights from 12th Annual Power Breakfast – RVBusiness – Breaking RV Industry News
A slideshow of highlights from the 2024 RV Industry Power Breakfast, hosted by RVBusiness magazine May 9 at the Northern Indiana Convention Center in Elkhart, Ind.
Headline-generating speakers for the 2024 breakfast, facilitated by RVBusiness and sponsored by Airxcel Inc., Cummins Inc., Dometic, Forest River Inc., KOA, RVIA, RVDA, Spartan RV Chassis, THOR Industries Inc., Wells Fargo CDF and Winnebago Industries Inc., features a slate of well-known individuals including:
- Marcus Lemonis and Matt Wagner, CEO and COO of Camping World Holdings, Inc., respectively, who plan on addressing breaking news from the world’s largest RV retailer.
- Toby O’Rourke, president of Kampgrounds of America Inc. (KOA), plans to share the latest research from KOA’s annual North American Camper Report.
- Bernard Baumohl, Chief Global Economist for The Economic Outlook Group, will offer his thoughts on “Navigating Through Economic and Geopolitical Uncertainty: What are the Implications for Outdoor Hospitality &Recreation Vehicles?” He’ll also be available afterward for a Q&A session.
- Micah Shrewsberry will share his insights coming off his first full year as the men’s basketball coach for the University of Notre Dame.
- U.S. Rep. Rudy Yakym, whose northern Indiana district includes the “RV Capitol of the World,” will share his thoughts via video on the political climate and RV-specific legislation.
- Craig Kirby, president of the RV Industry Association (RVIA) will discuss the organization’s priorities for 2024 among other special messages.
- Phil Ingrassia and Ryan Horsey, president and chairman of the RV Dealers Association (RVDA), respectively, will offer an update on RVDA initiatives.
Emceed this year by RVBusiness Publisher Rick Kessler, the breakfast will also include special messages from Elkhart Mayor Rod Roberson, the Care Camps Foundation’s Gwynn Sullivan and the Community Foundation of Elkhart County’s Pete McCown.
Global Economist Bernard Baumohl Provides Unique Insights at RV Industry Power Breakfast
Chief Global Economist at The Economic Outlook Group, Bernard Baumohl provided a 40-minute presentation at the RV Industry Power Breakfast held at the RV/MH Hall of Fame and Northern Indiana Event Center in Elkhart, Ind.
Surprising many in the record audience of over 1,350 attendees, Baumohl forecast an interest rate cut by the Federal Reserve in July of this year based on record consumer debt. Yet he stated that most households in America are fending well during these trying economic times with credit payments of about 10 cents on the dollar held. Holding onto mortgage rates at lower levels around 3%, and overall debt burden lower resulting in a surprising level of consumer confidence are also added to this mix. He added that positive consumer spending is high with the job market stable as it has been below 4% for the last 27 months.
He conveyed specifically to the RV industry, the National Recreational Services, an indicator of the outdoor industry as a whole, showed up and stable with a record number of baby boomers entering the scene returning to camping after Covid and beginning their retirement. Younger RVers entering camping scene seem less interested in spending money on hard goods, such as appliances, and are more interested in spending it on travel and experiences that include an RV and camping.
“Forecasting energy prices is not a respectable human activity,” Baumohl stated humorously to the gathering as he dipped into the realm of energy prices so important to the RV industry. He stated he believes the price of oil will remain somewhat stable under the current global conditions with the prospect of major events concluding soon in the Mideast.
