GE Capital Survey: RV Industry Sees Sales Increasing in 2013
Four years after the height of the economic downturn, participants in the recreational vehicle (RV) industry in the U.S. and Canada believe they’re heading in the right direction, according to survey results released today by GE Capital’s Commercial Distribution Finance (CDF) business.
Forty-three percent of survey respondents said they expect sales to increase by 5% to 10% in 2013, and 27% were most optimistic about consumer demand going into next year.
However, 29% said consumer demand was also the biggest business concern. Consistent financing solutions were the second-greatest business concern, followed closely by product affordability and availability.
“These survey results are consistent with what we are seeing in the market and hearing from our customers,” said Tim Hyland, commercial leader of CDF’s RV group. “Consumer demand drives the industry, so it’s naturally an area of optimism as well as concern. However, economic indicators, such as an uptick in housing starts, give us reason to believe that 2013 will be a good year for RV sales.”
When asked what trend will have the largest impact on the RV industry, 50% said the popularity of “base” or low-cost models. An overwhelming 70% of survey respondents said travel trailers would be in highest demand, with fifth wheel trailers a distant second at 15%.
“This tells me that the RV industry should continue to attract new consumers and that existing ones will keep trading in older models,” said Hyland. “Because these types of models are more affordable, they’re always popular both for new entrants and RV veterans.”
The RV industry survey of 150 respondents was conducted Nov. 26-28 by CDF during the annual Recreational Vehicle Industry Association show.
CDF provides inventory financing that allows RV dealers to stock and market inventory.
Please visit www.gecdf.com/RV to learn more.