Nashville-based Thompson Research Group (TRG) released a report on findings from the company’s quarterly RV Dealer Survey. The report contains feedback from RV dealers across the U.S.
The fourth quarter of 2022 brought seven interest-rate hikes and double-digit declines in RV wholesale shipments and retail sales, the report said. The buying environment was at a low point in Q4, with high inventory, lower retail interest, seasonality higher rates and high unit prices, the report said.
“The towable side still needs work in terms of inventory,” said TRG’s founding partner and CEO Kathryn Thompson. “The motorized is a little better. It is just that low-end towable section that needs some work.”
The RV Dealer Survey found most dealers expecting lower retail sales in 2023. One-third of motorized dealers said sales would be flat with the rest projecting losses of 0% to more than 10%. Most towable dealers said losses would be from 0% to 10%.
Thompson said January 2023 trends seem to be better and, in some areas, a whole lot better. The RV sector, as well as construction and industrial value chains, seem to be turning a corner, she said.
“I would not characterize RV as a whole lot better, but certainly a lot better than the year ended,” Thompson said.
The report found some dealers seeing noticeable pickups in early January sales. However, the report cautioned against calling the positive news a turnaround in business after such a small sample size.
Going forward, Thomson said the industry will be focused on whether there is an end in sight for rate increases.
Consumer RV interest is at a record high, the report said, and the interest is likely to turn into sales.
“ I think it will limp through the first half and then it will get a little bit better in the second,” Thompson said.
