Thor Industries Consumer Research Quantifies Limited Impact on RV Sales And Usage Due To Rising Fuel Costs
May 24, 2022
ELKHART, Ind., May 24, 2022 — THOR Industries, Inc. (NYSE: THO) announced the release of the Company’s 2022 U.S. Camper Perception Study, which explores consumer RV purchase and usage behavior in the environment of rising fuel prices, as well as their perception of sustainability-focused organizations. As the global RV industry leader, THOR will utilize the survey results, in conjunction with its extensive portfolio of proprietary consumer research findings, to help guide key strategies, product innovation and marketing efforts across the THOR family of companies.
Confirming the long-term viability and growth of the RV lifestyle and industry, the new study finds that rising fuel costs will have minimal impact on consumers’ likelihood to purchase an RV in the next five years. The survey, which includes information from those who camped or glamped since 2020- 80 percent of whom had an RV experience in the past two years, also indicates that rising fuel costs have a nominal impact on intended RV usage in the coming year.
Key findings from the study include:
- 67% of those who have RVed in the last two years reported rising fuel costs have increased their likelihood to purchase an RV in the next five years, or has no impact
- 69% reported rising fuel costs have increased their likelihood to use an RV within the next year, or has no impact
- 73% are more likely to purchase from companies with sustainable/eco-friendly manufacturing processes
The study also reaffirms THOR’s investment in its global sustainability and innovation programs. Having already achieved carbon net-neutrality across its European operations, THOR remains committed to be carbon net-neutral, globally, by 2050. Aligned with these goals, nearly three quarters of those surveyed are more likely to purchase from companies that utilize sustainable/eco-friendly manufacturing processes. In addition, 75 percent of respondents are more likely to purchase from companies with sustainable/eco-friendly products.
“As the leader in the industry, it’s important that we pursue and share data and insights about the evolving RV lifestyle including macroeconomic and consumer trends,” said THOR Industries President and CEO Bob Martin. “Our most recent study supports the strength of the RV industry amidst fluctuations in fuel costs. While we have long understood that consumers are not dissuaded from buying RVs by rising gas prices alone, it is important for us to keep the pulse of the expectations and views of our expansive and evolving user group. The data also confirms that our continued focus and long-term investment in sustainable manufacturing and products aligns with what campers and RVers are seeking.”
The 2022 Camper Perception Report is the latest in THOR’s comprehensive, proprietary research strategy. Data derived from the research is leveraged throughout the THOR family of companies to help guide and inform strategic initiatives. In addition, the research allows THOR to translate key insights to help shape priorities of THOR’s innovation strategy and to create forward-thinking, positive user experiences.
Recognizing the importance of marketing’s role in the Company’s strategic business model, Renee Jones has been named Vice President of Marketing for THOR Industries, reporting to COO Todd Woelfer. Jones, who has been head of corporate marketing for three years, will continue her role in the development and execution of the organization’s communication strategies, management of corporate partnerships, public relations and strategic marketing, as well as working closely with marketing leadership throughout the THOR family of companies.
“Our marketing team drives an incredible amount of strategic value to THOR. The organization has always sought to understand and proactively meet the needs of our dealers and expectations of retail consumers. Our marketing team does a great job in helping us gain that understanding through research and insights. It also leads a best-in-class marketing program creating and elevating awareness and loyalty for the THOR family of companies, driving new consumers to our companies and providing assets and tools to help our marketing teams,” said THOR Industries COO Todd Woelfer. “Renee has led our team for the last three years and has done a remarkable job as we have managed through the challenging times caused by the pandemic. Through that time, Renee and her team have been a true strategic asset.”
To learn more about the THOR 2022 Camper Perception Study, 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.