Discover key RV trends for summer 2023 and learn how lenders can capitalize on leisure travel demand to gain a competitive edge.

By Chet Heughan
3 min. read

RV Trends This Summer

As temperatures rise, the summer season is kicking in, bringing with it National Go RVing Day on June 10. Let’s take a look at what’s going on in the RV industry this year and see what your bank or credit union should keep in mind to gain a competitive advantage.

Keep an Eye on Leisure Travel Demand

If 2022 was a hot year for leisure travel demand, then 2023 has the potential to be even hotter for RV dealers and lenders that learn how to win the traveler market. Here’s why:

• 74% of 2022 campers plan to camp again in the future.
• 72% of parents are planning more trips this year than last, with 45% more interested than other adults in traveling by RV.
• 64% of couples without kids are more interested in traveling long distances in an RV.
• Nearly 39% of Americans plan to travel more than 250 miles this summer.

This data paints a potentially lucrative opportunity for RV dealers and lenders. With more travelers planning to travel by RV, both dealers and lenders should jump on this opportunity to appeal to families and campers looking to hit the road this summer.

Don’t Stress About Shrinking RV Shipments

The hard truth is, RV shipments have declined since the industry’s all-time high in 2021 and early 2022. Overall, RV shipments in 2023 are expected to shrink by 21% due to rising interest rates, recession concerns, and record-high shipments in previous years.

Key figures:

• Total RV shipments dropped by 54.3% (78,600 units) from January to March compared to the same time last year.
• Retail registrations in the same timeframe saw only a 25.7% decline (82,201 registrations) compared to 2022.

Retail sales outpacing shipments implies that dealerships are selling excess inventory rather than ordering new units. Plus, while national shipments may be slowing down, many local dealers are reporting increased sales, including in Raleigh, NC, and Colorado Springs, CO.

Expect Future Growth in the RV Industry

The good news is, even though the RV industry is having a slump in 2023, its overall trajectory remains positive.

• Despite economic challenges impacting this year’s shipments and sales forecasts, consumer interest in RV ownership remains strong.

Get Your Lending Process Ready to Meet Demand

What do these trends mean for your bank or credit union?

The RV industry has already proven to be a strong and profitable market for lenders who know how to capitalize on its unique qualities. If you want to take advantage of any rise in summer sales and continue growing upwards, you’ll need to position yourself competitively against other lenders in your area.

Gain a competitive advantage by using a workflow solution like AppOne’s web-based platform, which gives you access to an established network of dealerships in your area. This tool can help streamline your financial institution’s consumer lending process so you can enjoy a profitable summer season.