- Contents
- *Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Economic and other assumptions
- COVID-19: US context
What you need to know
The COVID-19 pandemic brought about changes to consumers’ lifestyles (eg limited travel, social distancing) that greatly impacted the recreational and specialty vehicle industry, driving up consumer interest. This heightened interest will continue throughout 2021 as travel and general anxiety surrounding the virus remains. The challenge for some brands will be to keep up with the increased demand. For those that have the inventory, focusing on flexible ownership options, seamless shopping experiences and exploring partnerships can help brands maintain interest in the longer term.
This Report looks at the following areas
The impact of COVID-19 on consumer behavior and the specialty and recreational vehicle market
Opportunities for specialty and recreational brands to generate interest via partnerships and collaborations
How short and long-term rentals can expose brands to new audiences and increase consideration
Definition
For the purposes of this Report, Mintel has used the following definitions:
Specialty vehicles: Including but not limited to motorcycles, snowmobiles, boats and jet skis
Recreational vehicles: Including but not limited to camper vans, pop-up campers, fifth-wheel trailers, tow-behind trailers and more
This Report includes consumer research fielded in March 2021. The Report was written May 2021, and the analysis reflects the state of specialty and recreational vehicles and pandemic during this time.
Economic and other assumptions
Mintel bases its expectations for economic growth on projections provided by the CBO, the FOMC the Conference Board and other public sources. Consensus estimates forecast US GDP to increase by 6.5% in 2021. Unemployment has been forecast to decline to as low as 4.1% by the end of 2021 with an average of 5.7% for the year.
COVID-19: US context
The first COVID-19 case was confirmed in the US in January 2020. It was declared a global health pandemic and national emergency in early March 2020. Across the US, various stay-at-home orders were put in place in Spring 2020, and nonessential businesses and school districts closed or shifted to remote operations. The remainder of 2020 saw rolling orders, as states and local governments relaxed and reinforced guidelines according to the spread of the virus in each region. As a result, consumers’ interest in specialty and recreational vehicles heightened as air travel became restricted and many consumers felt it was unsafe to fly on a plane.
Vaccine rollout began in December 2020. Mintel anticipates business operations in the US will remain in a state of flux through 2021 as vaccines are widely administered and social distancing restrictions and capacity limitations are gradually relaxed. Consumers can be expected to maintain their interest in specialty and recreational vehicles throughout the warmer months, as travel will also remain in a state of flux through 2021.
