Report: The Boating Industry Is Staying Afloat
Though the country is facing high inflation and fears of a recession, the boating industry is still seeing a strong push as the summer months kick off. While other high-end consumer retail sectors are taking a hit, it seems that being out on the water is still on top of consumer minds. In this article, we will take a quick look at factors that have affected boat sales over the past few years and discuss with industry professionals why now may be the perfect time to list your boat for sale.
Inventory And Supply Chain Issues
The last two years have tested the world’s supply chains as the pandemic disrupted nearly every industry. Boat manufacturers and the marine industry as a whole have experienced long wait times on parts and services, especially within the new boat industry. With boat sales during the pandemic increasing by over 40% (1), this demand has put pressure on both used and new boat brokerages to find inventory.
As 2022 has progressed and our day to day lives have slowly returned towards normal, the demand for both new and used boats has remained high. Here at Yachts360, used inventory of all sizes have seen a decrease in days-in-inventory as consumers are ready to hit the water regardless of economic concerns.
The Current Market And Looking Forward
With 2022 boat sales set to beat 2019 by more than two percent (2), locking down inventory is going to be the number one goal of both new and used yacht brokerages. James Hardman, a Citi analyst, recently reported “an increase in sales and other leading indicators” across 30 North American boat manufacturers during 2022, reinforcing that the boating market has not slowed down.
Regarding current boating industry trends, Yachts360 partner Scott Clements said “Though there are quite a few economic indicators which would suggest otherwise, we have seen very strong sales numbers throughout 2022 and are looking forward to putting more families on the water.”
Considering Selling Your Boat?
Here at Yachts360, through our industry leading marketing and strong network, our brokerage inventory has been selling fast and we would love to speak with you about listing your vessel.
We understand that you may have questions about brokerage, commissions, and more. To learn about about listing your vessel with Yachts360, please click here to contact us or follow either of the links below for more information!
Source 1: WECT
Source 2: Yahoo Finance