New data has confirmed a trend which has been taking shape over recent months: more and more Australians are looking to spend on asset purchases centred around lifestyle.
October saw a significant increase in the interest in caravans, campervans and motorcycles as Australians seem to be accepting that travelling overseas remains off the books and are instead turning to road trips and other toys they can enjoy domestically, according to figures provided by Verimoto, a Lakeba Group venture.
As Verimoto CEO Peter Hewett sees it, the trend presents a real opportunity for brokers to pursue new leads while also helping their customers enjoy their summers.
“Brokers can expect to see caravan, campervan and motorcycle sales boom over the coming months,” Hewett said.
“As some Australians will have money saved for international travel that they can no longer spend and look to make alternative purchases – purchases that give them more freedom to travel locally.
“However, while international holidays may not be cheap, a new caravan is likely to be a more significant long-term investment. As such, Australians may require financial support to afford their local holiday accommodation of choice.”
Caravan verification requests grew by 44% over the month, up significantly from the 18% month-on-month growth in September. Campervans jumped by 50%, following a flat month in September, and second-hand motorcycle asset verification requests also grew by 36%.
The data around lifestyle asset purchases is but a small part of the larger trajectory of the second-hand asset market which has continued to chart growth for six straight months.
The pace did start to slow slightly in October, however, with the 14% increase not quite stacking up to September’s 22%.
Notably, Verimoto’s data from October also revealed a spike in plant equipment requests, up 88% from September, and similar to the levels evidenced in June.
“It looks like our prediction last month was on the money and many Australian businesses waited until after the budget to invest in plant and business equipment,” Hewett said.
“[They’re] turning to the second-hand market for value as they invest in the tools, machines and equipment that will help their long-term future.”