New & Used Boat Demand Continues to Peak
New & Used Boat Demand Continues to Peak
According to a recent survey by Baird Research in conjunction with the Marine Retailers Association of the Americas and Soundings Only Today, marine retailers saw new and used boat demand increase for the month of September. The survey reported 69 percent of the 86 dealer respondents said they saw retail growth in September, which usually only accounts for around 6 percent of annual retail sales. While this is great news for the boating industry, other problems have arisen because of such high consumer demand.
Scarce New Boat Inventory
82 percent of dealers reported new boat inventory was too scarce to keep up with the demand of consumers. “People want to buy product. I just wish I could get some,” said one dealer responding to the survey. Another dealer called new product backlogs “brutal”. Many dealers continue to lose sales because the product is unavailable or back-ordered, causing frustration with customers.
Used Boat Inventory Nears Record Lows
Used inventory also nears record lows, with 89 percent of dealers reporting used inventory was very slim in the month of September. Boats are selling like crazy and in record time for most dealers. While it’s a good problem to have, the issue lies in attracting new listings and keeping used inventory levels balanced. With so many owners holding on to their boats during this time and demand increasing, pre-owned inventory continues to drop.
High Demand Carrying Into Next Season
Yet, with pre-owned and new boat inventory at record lows, some dealers reported seeing demand carry over to next season. “Customer orders are starting to pour in, as customers realize they have to order now to get a boat before next season,” one retailer said.
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