Industry News: Health Report Fall 2022
New Boat Sales
The National Marine Manufacturers Association (NMMA) reports that powerboat sales year to date is down 18% compared to the same period through July. While this is true, a Boat Trader survey found that 39% of private boat sellers plan to upgrade to a different vessel. In fact, several categories of boats continue to exceed their pre-pandemic YTD sales, including powerboats and yachts. According to the NMMA, new yacht unit sales YTD were flat with the same period in 2021, while 16% above pre-pandemic January-July 2019.
- New powerboat retail unit sales in 2021 reached approximately 300,000, the second time the industry reached that number in nearly 15 years (2020 and 2021).
- Annual U.S. marine industry expenditures of boats, marine products and services totaled $56.6 billion in 2021, up 9 percent from 2020.
NMMA president, Frank Hugelmeyer stated, “In the first seven months of the year, new boat sales have dipped below our 2019 pace demonstrating that the combination of economic uncertainty and the expected return of competition for consumers’ attention are starting to show their impact.”
Luxury Yacht Outlook
According to IMARC Group, a leading market research company, the global luxury yacht market defined as 75’ and above reached a value of $6.5 billion in 2021. Looking forward, IMARC Group predicts the market to reach $11.8 billion by 2027. Significant growth in the recreational tourism sector and rapid urbanization are both key factors in creating a positive outlook for the superyacht market. Furthermore, the emerging trend of remote explorations is also providing a boost to market growth.
Boating/Fishing Economy Still Remains #1
Recreational boating and fishing remain the number one contributor to the national outdoor recreation economy per the U.S. Bureau of Economic Analysis (BEA). As a whole, boating and fishing topped out at $30.8 billion in current-dollar value added in 2021. It was the largest conventional activity in 39 states and the District of Columbia. Florida ($3.8 billion), California ($2.8 billion), and Texas ($2.8 billion) were the largest contributors to U.S. value added for the activity.
About Galati Yacht Sales
Since 1970, exceeding the expectations of our customers before, during, and after the sale, has been a steadfast team commitment. Our simple philosophy— always do right by the customer — starts at the top and runs right down to every one of our team members at all of our locations, regardless of their job title. We have the expertise, experience, and dedication it takes to ensure your experience is nothing short of exceptional. We are family-owned and operated and are one of only seven firms inducted into the Boating Industry’s Top 100 Hall of Fame. Contact us today to get started on your yachting journey.
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