The Popularity of the RV Lifestyle: A Look at Recent Trends
Over the last several years, Americans have been rediscovering the joys of the great outdoors and adopting the RV lifestyle in record numbers. As sales of motorhome and travel trailers have surged, so have overnight stays at campgrounds, as reported by the National Parks Service. Although the population of Baby Boomers transitioning into retirement is clearly a contributing factor, the explosive growth of the RV market is largely being fueled by the habits of first-time millennial buyers.
While many of these younger buyers are choosing to live year-round in their RVs or trailers, others are simply demonstrating a consumer mindset that favors discretionary spending on adventure and experiences. According to a recent North American Camping Survey from KOA, millennials make up 31 percent of the general population but comprise 38 percent of active campers. Compact RVs and trailers are the biggest sellers among this demographic. Lightweight and easy to use but also durable, the new generation of trailers are ideal for activities ranging from camping and cross-country trips to tailgating at sporting events and weekend escapes. Although market leaders like Winnebago Industries and Thor Industries continue to thrive, new players are emerging onto the RV scene with innovative designs that rival those of legacy manufacturers.
Modern technologies and enhanced amenities found at a growing number of campgrounds are inspiring millennials to hit the open road to explore the country, or simply to connect with nature without sacrificing the comforts of modern life. As the New York Times tells it, younger RVers are seeking personalized, affordable luxury and healthy outlets to de-stress. The appeal of the concept of glamping is not lost on this age group, as they can now book a private spot at a fully-equipped campsite with Wi-Fi connectivity, food service, lounge chairs, stone fire pits, swimming pools, zip lines and more. In addition, smartphones and 4G data connections help ensure a smoother trip and allow campers to quickly find and book their campsites.
Those who embrace the RV lifestyle are also finding that it offers numerous advantages from a financial perspective. As CNN Business has pointed out, you can find towables for under $10,000, and motorhomes that start at around $65,000. The financial news website has cited the starting price point for the Airstream Basecamp as under $40,000. With a shiny aluminum exterior and attractive “retro-modern” interior, this compact trailer is a hot seller among millennials. Adding to the affordability factors of RVs are cheaper fuel prices and interest rates that are still quite low. Moreover, RVs can provide an excellent source of income for those who rent to vacationers through peer-to-peer rental marketplaces. Trusted services like Campanda offer a wealth of benefits for RV owners, including roadside assistance and towing, flexible insurance options and lock-out service.
If the concept of the RV ownership strikes you as intriguing, SF Police Credit Union is ready to help you make it happen. We offer affordable rate loans with flexible financing terms for a wide array of recreational vehicles including RV/motorhomes, travel trailers, custom vans, van conversions, boats and jet skis. And as of May 1st, down-payments will no longer be required for boats and travel trailers! You can find details on our website at http://bit.ly/SportsandRVLoansSFPCU, plus apply right online.