The classic experience of road tripping across the country has gained momentum during the pandemic. Concerns about the potential hazards of other forms of travel have led vacationers to hit the road in a Recreational Vehicle (or RV).
There are a myriad of stories of how this demand has transpired. Some travelers are looking for alternatives to hotels and view an RV as a more controlled environment.
Americans are also seeking alternatives to typically mundane travel where booking an airline ticket would have been commonplace. The ability to get around, while maintaining social distance, has become sought after.
Online rentals of RVs began to increase in demand early on during the onset of COVID-19 pandemic. RV rental market place, RVshare posted impressive results in June, citing statistics that Recreational Vehicle bookings had nearly tripled since last year and were up more than 1,600% from early April based on their internal bookings data.
Envestnet | Yodlee COVID-19 Income and Spending Trends data indicates a significant spike across the RV rental industry since May 2020, with a 200%+ increases year over year for both June and July. Of note, demand is consistent across income groups.
Demand for ownership is being driven by millennials and first time riders, according to the RV Industry Association. In June 2020, towable RVs, attached to vehicles by conventional travel trailers, totaled 37,000 units for the month, and experienced a gain of 12.9% year over year.
To learn more about the data behind this article and what Yodlee has to offer, please reach out to Dylan Curtis at Dylan.Curtis@yodlee.com.
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