THOR Industries Publishes 2020 RV Rental Study Results
THOR Industries (NYSE: THO) released its 2020 U.S. RV Rental Study, revealing important consumer insights into RV rental experiences and purchase likelihood. The study indicates a strong correlation between renting and future purchases, with 73% of respondents likely to buy an RV, and 66% indicating they may purchase within 6-11 months. Additionally, 97% expressed satisfaction with their rental experience. The findings emphasize the importance of understanding consumer behavior in the RV industry for targeted marketing and enhancing customer loyalty.
- 73% of renters likely to purchase an RV in the future.
- 66% plan to buy within the next 6-11 months.
- 97% satisfaction rate with RV rental experiences.
- High likelihood that renters will purchase similar RVs to those rented.
- None.
ELKHART, Ind., April 13, 2021 /PRNewswire/ -- THOR Industries, Inc. (NYSE: THO) announced today the release of the company's 2020 U.S. RV Rental Study, which explores consumer rental experiences, key motivators and purchase likelihood. The RV industry giant will use the survey results to enhance its understanding of RV rental trends and inform decisions within the THOR family of companies.
Comprehensively confirming the long-term viability and growth of the RV industry and lifestyle, the 2020 RV Rental Study found that a large percentage of renters are likely to purchase an RV after renting. The survey, which includes information from those who first rented both before and during the COVID-19 pandemic, examined renters from across all U.S. regions. It included questions to assess consumers' likelihood to purchase an RV in the future, to learn more about where and how RV renters are traveling and to determine how to provide an improved overall experience.
Several key findings from the survey include:
Likelihood of purchasing an RV in the future:
73% would likely purchase an RV66% reported they are most likely to buy within the next 6-11 months80% would likely purchase an RV similar to the one they rented
Overall satisfaction with the RV rental experience
97% were satisfied with the experience
"As a leader in the industry, it is important that we pursue and share data and insights about the evolving RV lifestyle—our 2020 RV Rental Study is a good indicator of how consumers are spending more time outdoors by way of RVing," said THOR Industries President and CEO Bob Martin. "One of the most promising findings from the study suggests that those who rent an RV have a high propensity to purchase, making the rental consumer a key component for future industry growth. This data will help better target renters to convert to purchase and continue building loyalty for the THOR family of companies."
The THOR 2020 RV Rental Study also illustrates that consumers rent to trial the RV lifestyle which helps ensure they enjoy the RV lifestyle before purchasing. Accordingly, RV trial leads to future, long-term RV purchases.
For more RV rental findings and to view the study, please download it here.
About THOR Industries, Inc.
THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles. For more information on the company and its products, please go to www.thorindustries.com.
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SOURCE THOR Industries
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