With so many people buying RVs over the last couple of years, many RVers are excited about taking their new rigs out for adventures.
However, with inflation driving up the costs of just about everything, many people find it nearly impossible to enjoy their campers. Politicians have talked about taking action and stopping inflation, but can they do it in time to save the camping season?
Let’s look and see.
What Is Inflation and What Causes It?
Inflation is the rate of increase in currency due to higher prices for goods and services. This happens due to a surge in demand or increased production costs. In other words, the dollar’s worth decreases when overall prices rise.
Many low-income and middle-class families often feel the impact of inflation the most. This is because it affects all goods and services, even essential items like clothes, food, and gasoline. Many of these individuals and families find that they must cut back on spending and make significant adjustments to their monthly budgets. Frivolous spending on entertainment and other luxuries typically gets cut first.
How Long Will Inflation Last?
How long inflation will last depends on who you trust for information. There’s no definite answer, but many experts have crossed their fingers that it will peak this summer and drop significantly in 2023. However, we’re in a very unpredictable environment with tremendous unrest.
The federal government is looking for more steps to minimize the impact of inflation on the American people. How long it lasts and how bad it will be is anyone’s guess due to the various factors that play into it.
Has Inflation Affected the Travel Industry?
For many people, traveling is a luxury category in their budget. Americans having to dedicate more of their paychecks to essential items leaves less money for trips. Rising inflation causes consumers to evaluate purchases and do less frivolous spending on meals and excursions. Travelers will continue to seek adventures, but they’ll likely look for opportunities closer to home or skip out on paying for some optional activities or excursions.
Traveling can quickly become incredibly difficult to afford. According to NerdWallet, experts have found that consumers’ costs for food, rental cars, and entertainment are experiencing massive price increases. So, much like everything else, if you plan to travel, you better start saving and expect to pay more than in previous years.
How Is Inflation Affecting RVers
RVers are one section of the travel industry. You’ll find full-time and part-time RVers, but both feel the impact of inflation on their finances. Let’s look at a few ways that inflation affects RVers.
It’s Driving Up Gas Prices
The average price of gas has nearly doubled over the last two years. Many who hit the road during the pandemic’s peak now pay twice the amount at the pump. Whether you have a towable or drivable RV, none of them get great fuel economy. More RVers than you would think even get single-digit MPGs and require a tremendous amount of fuel to get from point A to point B.
Full-time RVers choose to stay in places for longer to reduce the amount of fuel they use. Recreational RVers may look for campgrounds closer to home instead of taking longer trips. Many also take advantage of opportunities to camp on public lands to compensate for the increased expenses at the pump.
Pro Tip: Use these tips on How To Easily Spend Less Money on Gas while RVing.
Food and Necessities Are More Expensive
Practically everything you need to take with you on your adventures costs more money. Food and other supplies have increased considerably over the past year and a half. Essential items like milk and eggs have some of the highest prices we’ve ever seen.
Having an RV involves all the accessories and gadgets to make RVing easier. Many people spend more time researching their RV purchases to avoid wasting money and getting the best deal. Making every penny count is important with inflation out of control.
Prices for RVs Have Skyrocketed
If you want to give your heart a workout, walk through your nearest RV dealership. The prices for new units are insanely high and will make your heart skip a beat. However, despite the extremely high prices, people still pay them. RVs, including quality, used RVs, remain in high demand. However, most RVers wanting to upgrade their rigs have decided to wait until prices and interest rates become more stable.
Can Living in Your RV Help You Save Money and Beat Inflation?
Living in an RV can help you save money and beat inflation, but not always. To live in an RV to save money, you’ll need an inexpensive place to park. You won’t want to move from campsite to campsite, as it requires a lot of fuel. If you can legally live in an RV on your own property, you can save money and beat inflation.
However, if you plan to move from campsite to campsite, you’ll find it more difficult to cut costs. You’ll need to pay expensive campground fees and for the fuel to get these. Any savings you experience can get eaten up pretty quickly.
Pro Tip: We talked to fellow RVers to hear how inflation is impacting their RV experiences.
Will RVing Continue to Grow Despite Inflation Woes?
The May 2022 monthly RV Industry Association report stated that the RV market has leveled off compared to the 2021 numbers. RVing will likely begin to decline as it becomes less affordable for many owners to vacation.
Between rising campground reservation fees, fuel costs, and the increased expenses for food, we may see a decline in RVing. However, we’ve learned not to underestimate the community and lifestyle as nobody could have predicted the massive boom the industry experienced over the last two years.
So will inflation keep you from enjoying your camper this year? Tell us your thoughts in the comments!
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