ELKHART, Ind., May 19, 2020 /PRNewswire/ -- Thor Industries (NYSE:THO) announced it has published the RV industry's first comprehensive report detailing North American RV consumer travel and purchase intent since the onset of the coronavirus pandemic. As the global RV leader, Thor conducted the survey to support their dealer partners and help gain a better understanding of consumer sentiment.
The 2020 THOR North American RV Consumer Survey Report includes input from nearly 20,000 randomly selected RV owners and prospective owners across THOR's North American companies. The survey, which was conducted April 26- May 8, 2020, included questions assessing consumers' canceled travel plans, travel intent throughout 2020, planned RV usage, key indicators initiating RV travel, purchase intent and openness to purchase virtually. The report was shared with dealer partners across the Thor companies on May 18th.
Several key findings from the 2020 THOR North American report include:
94% of consumers surveyed plan to vacation in 2020
50% of those with vacation plans indicate that a vacation will occur in October – potentially extending the traditional camping season
79% of consumers plan to use their RV as much or more than they had in 2019
56% of those who intend to vacation in a RV plan to utilize it for weekend trips and 53% are planning at least one week-long trip
The opening of campgrounds is the top indicator for consumers to start camping
50% of consumers with intent to buy in 2020 plan to purchase in May – August
58% of those with purchase intent are open to purchasing virtually- offering additional opportunities for dealers to welcome consumers into the RV lifestyle
"The Thor companies are excited to share the findings from our 2020 North American survey as we continue to assist our dealer partners as they welcome consumers into the RV lifestyle in this unique environment," explained Thor President and CEO Bob Martin. "Our research supports that consumers understand that the RV lifestyle is a great way to social distance, create unforgettable family experiences, and get away and recharge. We believe the best way to get outside for some enjoyment and adventure in a safe way is in an RV. The data shows that consumers agree."
The 2020 THOR North American RV Consumer Survey Report can be downloaded here. It includes responses from owners of all types of RVs, as well as prospective owners, across Canada and the US.
About Thor Industries, Inc. Thor is the sole owner of operating subsidiaries that, 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.
Forward-Looking Statements This release includes certain statements that are "forward-looking" statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon Thor, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others, raw material and commodity price fluctuations; raw material, commodity or chassis supply restrictions; component supply disruption related to the coronavirus outbreak; the impact of tariffs on material or other input costs; the level and magnitude of warranty claims incurred; legislative, regulatory and tax law and/or policy developments including their potential impact on our dealers and their retail customers or on our suppliers; the costs of compliance with governmental regulation; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; interest rate fluctuations; the potential impact of interest rate fluctuations on the general economy and specifically on our dealers and consumers; restrictive lending practices; management changes; the success of new and existing products, services and production facilities; consumer preferences; the ability to efficiently utilize existing production facilities; the pace of acquisitions and the successful closing, integration and financial impact thereof; the potential loss of existing customers of acquisitions; our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production; the loss or reduction of sales to key dealers; disruption of the delivery of units to dealers; increasing costs for freight and transportation; asset impairment charges; equity investment impairment charges; cost structure changes; competition; the impact of potential losses under repurchase or financed receivable agreements; the potential impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market and political conditions in the various countries in which our products are sold; the impact of changing emissions and other regulatory standards in the various jurisdictions in which our products are sold; and changes to our investment and capital allocation strategies or other facets of our strategic plan. Additional risks and uncertainties surrounding the acquisition of Erwin Hymer Group SE ("EHG") include risks regarding the potential benefits of the acquisition and the anticipated operating synergies, the integration of the business, the impact of exchange rate fluctuations and unknown or understated liabilities related to the acquisition and EHG's business. These and other risks and uncertainties are discussed more fully in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2019 and Part II, Item 1A of our quarterly report on Form 10-Q for the period ended January 31, 2020.
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