With limitations placed on travel this year, some Americans opted to hit the road in RVs. While demand for recreational vehicles spiked this year, seen as a safer way to travel during the COVID-19 pandemic, James Ashurst, executive vice president at the RV Industry Association, said the road trip-ready vehicles were already trending with consumers.
"Obviously the RV industry has been in the spotlight during the pandemic but if you look back as far as 1980, the industry has really been surging in terms of growth from 106,000 units back then to over 420,000 units this year with an expectation of over 500,000 in 2021," Ashurst told Cheddar.
Florida-based Lazydays RV reported Q3 sales of $194.6 million, a 40 percent increase year-over-year. Many of these sales can be attributed to young first-time buyers looking to experience nature, he said.
"It's been countrywide that we've seen sales through the roof," Ashurst added.
"We've really been trying to lower the age of buyers and renters and trying to appeal to people who are passionate about getting outdoors."
As the travel industry continues to endure the blow to business, RVs are likely to continue trending upward as living and traveling in a personal vehicle eases health concerns and allows consumers to have "the freedom and control to create their own itinerary," said Ashurst.
According to Ashurst, most buyers and renters aren't making long treks in their RVs.
"A lot of people always think about that huge cross country trip," he said. "But, most people stay within 200 miles of their home on most of their trips."
With restrictions in place on indoor activities in many states, RV-ing is offering potential travelers the opportunity to stay safe while getting out of the house.
"The outdoor industry, on a whole, has just really seen a boom, and it's been a trend that's been growing. And, I think, as other types of travel haven't been as obtainable, I think it's really put an additional appeal on being outdoors," Ashurst said.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
You may have noticed fewer new venture capital-backed startups (like Airbnb or Uber) lately. The market slowed to a crawl after 2021, but things are expected to take off again in 2025.
Corporate earnings season is underway, that time when companies share their billions in sales or double-digit profits. But the data shows even companies are struggling with high inflation and interest rates.
Boeing continues their terrifying trend of having their planes fall apart mid-flight, inflation — checks notes — is still up and the future of AI looks terrifying. Cheery!
Food waste – uneaten scraps or leftovers sent to landfills – is responsible for 10% of global emissions. Mill, a new product from the co-founder of Nest, thinks technology can play a role in eliminating it.
By the time the 2024 election is over, be prepared to see some form of a recession – but this shouldn’t be as bad as what we experienced in 2020 or 2008.
