RV Sales Plummet as High Interest Rates Deter Buyers
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RV sales boomed during COVID as people embraced RV travel, but have since dropped due to high interest rates that make financing difficult.
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Thor Industries, the largest RV maker, recently reported a 75% drop in profit on a 6% sales decline.
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Other RV companies like Winnebago, LCI Industries, Lazydays, and Camping World have also reported falling sales and profits.
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Forecasts expect a mild 10-16% rebound in RV sales for 2024 if interest rates fall slightly, but profits will remain squeezed.
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Economic pressures on consumers from factors like shrinking retirement savings will continue to curb discretionary big-ticket spending like RVs.