U.S. Recreational Boating Industry Sees Seventh Consecutive Year of Growth in 2018, Expects Additional Increase in 2019
CHICAGO--(BUSINESS WIRE)--Jan 10, 2019--The National Marine Manufacturers Association (NMMA), representing the nation’s recreational boat, engine and marine accessory manufacturers, announced today that retail unit sales of new powerboats were up an estimated 4 percent in 2018 to approximately 280,000 units, the highest total since 2007. The outlook for 2019 remains positive with continued growth expected to bring a 3-4 percent increase in new powerboat retail sales. As one of the country’s growing outdoor recreation activities, NMMA also announced that the recreational boating industry contributes an estimated $170.3 billion in economic activity to the U.S. economy, an increase of approximately $49 billion since the last time the association reported economic impact in 2012 1.
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U.S. boat manufacturers and dealers are preparing for a busy winter boat show season around the country, with new powerboat sales expected to increase 3-4% in 2019. (Photo: Business Wire)
“The recreational boating industry has been on a seven-year climb that’s expected to continue into 2019, bringing even more people to the water,” said Thom Dammrich, NMMA president. “Driving these sales is a combination of the economic growth we’ve seen over the past decade, particularly with consumer confidence hovering near all-time highs and consumers seeking out boating as a way to spend quality time with family and friends outdoors. At the same time, over the past five years, marine manufacturers have put a concerted effort on offering new products that attract consumers with different interests and budgets, bringing out new buyers—especially across the watersports, fishing, and pontoon categories—three categories seeing unprecedented sales growth.”
As retail unit sales figures are finalized for 2018, they’re signaling nearly all new powerboat categories saw growth last year, with the following categories leading the charge:
With recreational boating contributing an estimated $170.3 billion to the U.S. economy (which includes direct, indirect and induced output generated by marine manufacturers (boat, engine, and accessory); their suppliers, dealers and retailers; services such as repairs and marinas; boating activities and trips; and, business tax revenue), NMMA reports that combined activity supports an estimated 35,000 marine businesses and 691,000 direct and indirect American jobs.
The top ten states for recreational boating economic activity are:
Given the health of the industry, U.S. boat manufacturers and dealers are preparing for a solid winter boat show season around the country – a critical selling period. Beyond being an important marketing venue where manufacturers introduce their latest products, boat shows are where consumers come to buy. In fact, boat shows can generate as much as 50 percent of annual sales for exhibiting dealers and manufacturers.
Shoppers at a boat show can expect to find some of the best deals of the year with the convenience of comparing different boat models, and different dealers, in one location.
U.S. Recreational Boating by the Numbers
For a further look at the state of the U.S. recreational boating industry, below are key statistics that provide insights on the industry’s size, make-up and demographics.
About NMMA: The National Marine Manufacturers Association (NMMA) is the leading trade organization for the North American recreational boating industry. NMMA member companies produce more than 80 percent of the boats, engines, trailers, marine accessories and gear used by millions of boaters in North America. The association serves its members and their sales and service networks by improving the business environment for recreational boating including providing domestic and international sales and marketing opportunities, reducing unnecessary government regulation, decreasing the cost of doing business, and helping grow boating participation. As the largest producer of boat and sport shows in the U.S., NMMA connects the recreational boating industry with the boating consumer year-round. Learn more at www.nmma.org and get engaged with us on Twitter and LinkedIn.
1 This figure includes $20.5 billion of business tax revenue, which was not included in the NMMA’s 2012 economic impact study.
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CONTACT: National Marine Manufacturers Association
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: FISHING POWERBOATING SAILING LUXURY TRANSPORT MARITIME RETAIL CONSUMER SPORTS MEN
SOURCE: National Marine Manufacturers Association
Copyright Business Wire 2019.
PUB: 01/10/2019 08:00 AM/DISC: 01/10/2019 08:01 AM