WASHINGTON — They might have been slow to get into home buying, but millennials have found other ways to spend their money. Sales of recreational vehicles are on a tear, thanks in large part to high demand from folks in their 30s who are eager to travel with their young families.
“Everyone knew about retiring baby boomers, but this is the incremental consumer that has been driving the market,” says BMO Capital Markets analyst Gerrick Johnson, who notes a similar trend with boat sales. Buying a $15,000 trailer and parking it at a campground all summer is a lot cheaper than renting a lake house year after year, he notes. Families are even bringing them to weekend soccer tournaments.
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