Q2 2023 : Supply Chain Market Intelligence Report
- The current 2023 shipment forecast is at 297,100 units. However, this forecast shows a bump up to 348,400 in 2024.
- Despite the slowing growth of RVs in general, there has been an uptick in consumers renting RVs. This is driven in large part by the 54% increase in the average cost of a hotel room from 2022 to 2023.
- RVIA reports 2023’s new vehicle shipments are down almost 50% through May compared to 2022 shipments. The only category to see growth was the Type C, Mini Motorhomes.
Transportation & Manufacturing
- Inflation and recession remain the largest concerns for Americans, with more than half believing either could negatively impact their financial situation.
- More Americans (49%) are planning to travel this summer than planned to last summer (39%). Of those not planning to travel, 38% are prioritizing saving money (versus 27% for the same reason in 2022).
- The Federal Reserve uses the Consumer Price Index to monitor the impact their monetary and interest rate actions are having.
- In June the CPI ticked up only 0.2% from May, which similarly only saw a 0.1% increase over April.
- The CPI report shows that inflation is at its lowest level in the last two years, giving some confidence that the US could avoid a recession.
- Unemployment is at 3.6%, holding relatively steady over the last few months.
- June’s job growth was the smallest since the end of 2020, suggesting that the labor market could be slowing down, albeit only slightly.