Senior Market Projected To See Rapid Growth In 2020s

Above, The Beast at Diamond Lake RV Park in Oregon. Photo by Armand Vaquer.

The baby boomer generation (post-World War II) is entering (in some cases, has entered) their "Golden Years" and marketers are targeting sales to that age demographic.

This includes the RV market.

Forbes has an interesting article on marketing to this age group and here's a snippet from it:

Now look at the population over 65. The growth rate of the 65-and-over population is running more than three times greater than the total population growth rate, and Census Bureau projections have this difference lasting through 2030. With faster growth of the senior population, expect more sales and services to this demographic segment. 

The RV industry is a good example. Although some new units are sold to younger people, the bulk of the market is older people. And over the past five years, annual growth of RV units sold has averaged over eight percent per year. That’s much faster than GDP growth. (Last year saw a small decline in unit sales, probably reflecting higher interest rates and the weak stock market. Even with the 2018 drop, though, the sales growth figures are impressive.)

At a growth average of 8% a year, these new RVers will need campsites to meet that growth.

To read more, go here.