Go RVing recently conducted a survey to determine some general sentiments and plans of recreation customers. This study, conducted by Ipsos, identified some interesting trends and statistics for recreation dealers. In this article, we’ll break down what some of these stats could mean for 2022.

RV ownership is at a record high, with 11.2 million households owning an RV in 2021, up 62% over 6.9 million households in 2001 and 26% more than 8.9 million RV-owning households in 2011.

With businesses adjusting to the “work anytime, anywhere” mantra, more people are turning to RV traveling. These individuals are able to get their work done while also touring great locations. This trend seems likely to continue into 2022 as it can be a more cost-effective method of traveling for many people.

Data from Ipsos from June 2020 showed that 46 million Americans planned on taking an RV trip in the next 12 months.

Recreation travel is a chance to escape from reality without the stress and hassle of flights and hotels. What was once an alternative method of travel seems to have become a primary pursuit for many Americans.

The survey showed that in total, 1 in 4 respondents plan to take some type of RV action in the next 12 months. Specifically, 18 percent plan to take an RV trip. Another 18 percent plan to research more RV information online. Eleven percent plan to purchase an RV; 12 percent will visit an RV dealer; and 13 percent plan to rent an RV.

Even if we only look at a few of these numbers, dealers might be able to expect more customers. With 18% of respondents researching RVs, and another 23% intent on purchasing, the odds of continued business look very optimal. Even if some of these customers have had past credit challenges, Medallion Bank can help finance these individuals. As the nation’s leading non-prime recreation lender, you don’t have to lose any customers because of less than perfect credit.  

The same Ipsos survey showed that 20% of US respondents are more interested in RVs as a recreational travel option, the highest of any travel option tested.

As mentioned before, more people are tired of the hassle of flights and hotels. Purchasing an RV may seem like a higher cost initially, but the long-term value can pay off for the dedicated travelers. These customers will be saving money on flights and hotels, while also avoiding the stress that comes with structured agendas and schedules.

RV camping leads in consumer confidence and interest across all age groups, with the highest interest among those 18-34 years old. The study also showed Millennials and Gen Zers are becoming RVers for life, with an impressive 84% of 18-to-34-year-olds planning to buy another RV in the next 5 years.

Gen Z and Millennial customers are leading the charge for this new travel lifestyle. Social media is spreading the message of “van lifestyles” and is an attractive option for many young adults. Because they are young, they might not have an established credit history. But with Medallion Bank, RV dealers can rest assured that we will consider many things before making a lending decision.

About Medallion Bank

There is an option for businesses to extend credit to applicants without taking a major risk themselves. Businesses who partner with highly reputable lenders, such as Medallion Bank, can help consumers rebuild their credit. Contractors and recreation dealers can offer financing without posing an unnecessary risk to themselves. Medallion Bank assumes the risk based on their review of an applicant’s creditworthiness. Businesses simply provide their product or service and leave the rest to us.

Working with an experienced second-chance lender allows business owners to reap the best of both worlds. If you are interested in teaming up with Medallion Bank, please contact our team today to learn more about our credit evaluation process.