Early in 2020 we did a blog post about growth in Canada’s RV market. Little did we know that COVID-19 would come along, disrupt lives – and boost some economic sectors in ways we could not have predicted.
We pondered the matter this weekend, while driving through Southwestern Ontario behind trails of RVs. Recreational vehicle sales and rental companies have seen business boom this summer, and it makes sense: people aren’t flying to exotic locales for summer vacation, but still want a break. RVs offer the opportunity for families to travel together, eat together, and rest together in a confined, socially distanced environment.
Boat sales and rentals have also spiked during the summer of 2020, as families look for ways to spend time together while maintaining physical distance from others. Many boat dealers have noticed people either trying it for the first time or upgrading their existing boats for newer, bigger models, leaving one businessman to predict that “…we are going to have one of our best years in a decade,”
Bicycles have also become a hot commodity in 2020. Cycling not only allows the rider the opportunity for exercise, but a chance to commute without taking public transit. Many cities (including Toronto) have accommodated this shift by opening additional bike lanes.
The only problem has been supply. Canadian consumers have found themselves short of purchase options, as supply chain disruptions and increased demand have resulted in a dearth of product, with some estimates suggesting new bicycles might not be available until next year.
Like many, we will be watching these sectors to see how they perform beyond 2020. But in the interim, there are definitely opportunities in these Canadian markets.
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