US campsite market to be boosted by tech-savvy young adults
2013-01-10 12:39:28 - US campsite market to be boosted by tech-savvy young adults
The US campsite market remained flat over the five years to 2012, growing at a 0% annualised rate to hit a market value of $4.8 billion.The industry began its recovery in 2010, after a disappointing 2009 when industry revenue declined 4.8% due to cutbacks in travel and declining recreational vehicle (RV) sales. However the more recent growth is expected to
completely offset the declines experienced between 2007 and 2009.The US campsite industry is driven by a number of factors, including the state of the economy and other travel-related trends. As people cut down on spending across the board in response to the recession, they were less likely to spend money on non-essential travel.Over the past five years, the number of firms declined at an annualized rate of 0.2% to 12,971. However, in 2011, domestic travel grew 2.4%, while inbound travel rose 5.7%. In 2012, these rates grew an additional 3.3% and 5.4%, respectively. Furthermore, with the economy continuing to improve in 2012, more consumers were expected to take trips.Over the next five years, tech-savvy young adults ages 25-34 will grow as a group by 11.8%, and this same age group reports participating in camping at a rate of 23%. These two factors indicate that camping technology has a ready market.Finding ways to incorporate technology into the camping experience will be an important way to engage new audiences and enhance the experience for current campers. Hundreds of campgrounds have added free Wi-Fi access to their list of amenities, making it easy for campers to use their laptops and smartphones while camping.Furthermore, the industry has been forecast to benefit from the aging of the population, particularly of people aged 55 to 75, as they positively influence demand and revenue growth. Furthermore, the depreciation of the US dollar will encourage domestic travel.For more information on the US campsite market, see the latest research: US Campsite MarketFollow us on Twitter @CandMResearch
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