NEW YORK–Millennials may be delayed when it comes to buying homes—but not all types of homes.
Younger buyers have helped fuel a boom in the sales of recreational vehicles as part of a trend toward “glamping,” or glamourous camping.
While RV sales in the US have increased seven straight years — since 2010, the year after the Great Recession ended — the growth had been slowing for three years until Millennials stepped into the breach this year, according to the New York Post.
One RV dealer profiled by the Post has found a strong niche among Millennials with used RVs that are then upgraded with a number of popular extras, including:
- Special accommodations for pets and extra room for kids or friends.
- High-tech amenities like Wi-Fi, smartphone integration, charging stations and premium video and audio systems.
- Recreation storage, with room for bicycles, surfboards or kayaks.
The influx of millennial RV buyers has the industry expecting U.S. sales in 2016 to expand 5.9% from last year, the Post reported.
A record 396,400 RVs will be shipped this year, up from 165,700 units in recession-hit 2009, according to estimates from the Recreation Vehicle Industry Association.
The $50-billion the RV industry contributed $16 billion to the U.S. economy last year in new RV sales, the Post said.