Study Shows Increased RV Ownership
Excerpts from a 2005 University of Michigan Survey Research Center Study:
More American households — an estimated 7.9 million — own RVs today than at any time previously, with some 8% of U.S. households owning a traditional RV last year. That’s up from 7.6% in the last survey conducted in 2001 and it’s 58% higher than when the first survey was taken in 1980.
As the larger age group — the Baby Boomers — enters the period of the highest rate of ownership, the sheer numbers demographically are what encourage analysts to say that we could easily see 500,000 shipments per year in the near future.
Among the survey’s other findings:
- The average income of all RV owners was $68,000 in 2005, reflecting an increase of 13% over 2001.
- A total of 41% of RV-owning households had children under 18 living at home.
- The largest increase in ownership was posted by those under 35, rising to 5% from 3.2% in 2001.
- RV owners use their vehicles an average of 26.3 days a year.
- Two-thirds of current RV owners plan to purchase another RV, with one-third expecting to buy a new RV.
- Combining current and former owners and new market entrants, some 23% of households intended to purchase an RV in 2005.
