Thanks for the article. I'm long CWH, but it's always helpful to get to know the bear thesis, which seems to be somewhat similar for boating and RV stocks.
As for comparing boating vs RVs, I'm not sure that I understand this point: "RV's are a more expensive purchase — but boats aren’t cheap, particularly those sold by the small-cap manufacturers." I believe Camping World as the largest RV dealer represents the market overall; their ASP for new RVs was $44k as of Q1 2022. Based on the data that you cite, boat ASP was ~$55k in 2019 (apparently higher these days due to surge in demand). If we take Malibu, their ASP is $134k as of Q3 FY 2022. So, it looks like on average RVs are actually significantly less expensive than boats.
Thanks for the article. I'm long CWH, but it's always helpful to get to know the bear thesis, which seems to be somewhat similar for boating and RV stocks.
As for comparing boating vs RVs, I'm not sure that I understand this point: "RV's are a more expensive purchase — but boats aren’t cheap, particularly those sold by the small-cap manufacturers." I believe Camping World as the largest RV dealer represents the market overall; their ASP for new RVs was $44k as of Q1 2022. Based on the data that you cite, boat ASP was ~$55k in 2019 (apparently higher these days due to surge in demand). If we take Malibu, their ASP is $134k as of Q3 FY 2022. So, it looks like on average RVs are actually significantly less expensive than boats.