A couple of weeks ago we reported on the latest RV manufacturers-to-dealers shipment numbers. The boil-out was that RV dealers are “off” of motorhomes, and apparently putting their bets on more folks buying towables like travel trailers and fifth wheels. Hot on the heels of that report, here comes what RV buyers are thinking, based on what they’re buying. The RV dealers’ sales report isn’t pretty.
RV sales report for dealers isn’t pretty—down 9 percent overall
Retail RV registrations in February 2024 were down 8.9% year-over-year, with 23,706 units reported for this year compared to 26,037 reported in February 2023. All this, according to Statistical Surveys Inc., the Grand Rapids, Michigan, company that compiles retail and consumer data for the RV industry.
For comparison, there were 31,024 wholesale shipments in February 2024, according to the RV Industry Association (RVIA), an increase of 17.8% compared to the 26,326 units shipped in February 2023. But watch the details. See our report that really broke it down.
Towables—no clear “winners” here; they all sank
• Travel trailers – 14,797 retail registrations in February 2024 (vs. 16,581 in February 2023; a 10.8% decrease). Market share leaders: THOR Industries (40.4%), Forest River Inc. (39.0%), Grand Design RV Co. (7.5%).
• Fifth wheels – 3,927 (4,370; -10.1%). Market share leaders: THOR (39.8%), Forest River (26.3%), Grand Design (16.9%).
• Camping trailer – 311 (395; -21.3%). Market share leaders: Forest River (55.0%), Aliner (19.0%), Purple Line LLC (5.8%).
• Park models – 98 (148; -33.8%). Market share leaders: Skyline Champion (28.6%), Cavco Industries (24.5%), Elevation Park Models (12.2%).
Motorized—only Class C dealers are smiling
• Class A – 647 (822; -21.3%). Market share leaders: THOR (49.6%), Forest River (19.2%), REV Recreation Group (13.6%).
• Class C – 1,675 (1,521; +10.1 %). Market share leaders: THOR (54.4%), Forest River (24.2%), Winnebago Motorized (7.6%).
• Class B – 789 (1,011; -22.0%). Market share leaders: THOR (35.4%), Winnebago Motorized (29.9%), Pleasure Way Industries (6.0%).
No, the RV dealers’ sales report isn’t pretty. While they’re buying them from the manufacturers, dealers are sitting on rolling stock and paying interest on flooring. But February was still pretty cold across much of the country. As spring warms up, maybe the buyers will bloom.
##RVT1152b
With the latest inflation numbers continuing to show a resurgence, interest rates will remain at least at current levels for longer. I see many of the big RV/Boat lenders are at >10% for 5 year loan terms. In addition, credit requirements have been tightened significantly.
At least for Motorized, NIRVC is not predicting a bottom until early 2025! If you are a numbers person, go to NIRVC’s YouTube channel for the most recent forecast, with real data analysis, from their owner.
https://m.youtube.com/watch?v=isg0fBDif5s
Thanks Mikal! 🙂
Enjoy!
Having a long time background in Corporate financial planning, I found Brett’s analysis very interesting and highly familiar. I didn’t need the “highly caffeinated beverage” Angie suggested! 🙂 The fact that he just throws the RVIA forecasts away, based on the RVIA not even using data that historically correlates to RV Sales in their process, was priceless!!! Brett is clearly a savvy businessman.
Thanks Mikal. I did fix myself a cappuccino for the video. I think that Brett left out what was truly in the top 3 of questions asked of him at the last few shows tho.
Q. What is the industry doing to improve quality and pride in products and when should we expect to see the change?
Other than that, I agree with his assessment of the data, and with yours and Neal’s.
🙂 Thank you, cancelproof! 🙂
“Corporate financial planning” with little to no regard as to what the consumer needs, or wants in everything from toothpaste to those corporate cracker boxes y’all call “RV’s” anymore.
Thank you, Russ and Tina! 🙂 Certainly is not a good story for dealers, but did anyone expect that the market of 2020 and 2021 would persist? These results seem pretty reasonable if one accepts the premise that many who would have bought an RV in 2022-2024 jumped early due to the pandemic’s effect on more traditional forms of recreating and vacationing. The poor quality of the pandemic RVs also may have soured many of those who did jump early on RVing entirely. If so, these low sales volumes may persist for another couple of years, and longer if the perceived quality does not improve. Could make for an interesting 4 or 5 years. Thanks again and safe travels! 🙂
I’m just one opinion, but I think even bigger than economic factors is RV leaders are not listening to what campers are really saying. They think they know what folks want but they really have no idea. Folks don’t want mini condo’s to take to the woods that are mere extensions of their homes, they want to be IN the woods EXPERIENCING nature with a rig that accommodates and nurtures that. I challenge you, give someone an opportunity to camp in a newer rig with it’s bland whites and greys or give them something similar to a 1967 Serro Scotty or Fan or Shasta and see which one they actually choose! 🙂
Corporate cracker boxes are not a desirable thing anymore. Corporations did it to themselves.
“The RV dealers’ sales report isn’t pretty.”?? Not so for those of us already on the road. Fewer RV sales leads to less overcrowding, etc.