Increasing Demand By North American Millennials For Camping And Caravanning Activities
North America was the largest region in the camping and caravanning market and was worth around $20.1 billion in 2019. The market accounted for 0.08% of the region`s gross domestic product (GDP) of $24.6 trillion. According to The Business Research Company’s latest study on the camping and caravanning market, the North American camping and caravanning market accounted for nearly 40.4% of the total global share. The market in North America is supported by high consumer spending and popularity of camping among the millennial population in the USA and Canada. According to a study by Forbes, Gen Xers and millennials constituted three fourth of the total campers in 2017 in the USA, out of which millennials accounted for 40% of total campers. The large market share of the region can also be attributed to the increasing number of domestic visitors. Domestic tourists are increasingly visiting camping and caravanning parks due to factors such as increasing preference for outdoor activities and family gatherings. The number of domestic visitors in the US has increased by over 215,070 from 2015 to 2019. Reasons why Americans are participating in outdoor activities include experience, excitement and adventure, to develop skills and abilities, and to gain a sense of accomplishment and self-confidence.
Asia Pacific was the third largest region in the global camping and caravanning market accounting for almost $11.8 billion in 2019. The camping and caravanning market accounted for 0.04% of the region`s GDP of $30.7 trillion. It is expected to be the fastest growing region during the period 2019 to 2023, growing at an annual growth rate of about 12.1%. The fastest growth rate of the region will be supported by high consumer discretionary income. A rise in disposable income improves the standard of living of people and allows people to spend on recreational activities such as camping and caravanning.
The global camping and caravanning market is expected to grow from nearly $49.9 billion in 2019 to almost $66.7 billion in 2023 at an annual growth rate of over 7.5%. The rapid growth of the market is supported by increasing preferences of the population, especially the millennials, towards camping and other outdoor recreational activities. According to the 2018 North American Camping Report, millennials and Gen Xers accounted for around three-quarters of all campers, with millennials accounting for 40%. In addition to this, rising awareness on the health benefits of camping activities and increasing consumer spending on recreational activities will also contribute to the growth of the camping and caravanning market.