The EV market is facing challenges, with tough competition from Chinese companies and slow sales for Tesla. Meanwhile, the RV industry had its worst year in over a decade in 2023, but signs are emerging that suggest this slump may be turning around. Michael Hicks at Ball State University believes that RV sales are a significant predictor of business cycles due to their high cost and consumer volatility.
According to a report by Meghan McCarty Marino for marketplace.org, the overall EV market has seen some struggles, with Tesla’s first quarter delivery figures indicating a slowdown in sales. However, the RV industry is also facing difficulties, with motorhomes and towable trailers experiencing their worst year in over a decade in 2023. Despite this, signs are now emerging that suggest this slump may be turning around.
While many economists typically analyze bond rates or household consumption trends, Hicks pays attention to the campground sector. He believes that RV sales are a significant predictor of business cycles due to their high cost and consumer volatility. Sales tend to decrease at the first sign of economic downturn while picking up again when consumer confidence improves.
If you want to learn more about the RV and EV markets, you can visit marketplace.org or listen to the audio player below for more information.
