According to the panel respondents , current boat or watercraft ownership in 2023 was at 24 %. Consumers that have owned a boat but do not currently was at 31 %, with 54 % stating interest in owning again in the future . Among current owners , 61 % reported they owned one boat and 39 % owned more than two .

Fishing boats were the type of watercraft most owned by consumers ( 45 %) followed by speed boats ( 20 %). The top three activities consumers identified enjoying the most while boating was cruising / leisure ( 66 %), fishing ( 62 %) and exploration / adventure ( 38 %). The watercraft of choice for cruising / leisure were pontoons ( 90 %), yachts ( 67 %) and speed boats ( 56 %).

The year ahead

As the U . S . recreational boating industry barrels into the winter boat show selling season to kick off 2024 , the National Marine Manufacturers Association ( NMMA ), which represents 85 % of the country ’ s recreational boat , marine engine and accessory manufacturers , is reporting new powerboat retail sales are estimated to be down slightly in 2023 numbers , approximately 1 % to 3 %, to 258,000 total units .

Looking ahead through the 2024 calendar year , NMMA reports are predicting the industry will see new unit sales on par with 2023 levels as the industry continues to navigate newer post-pandemic challenges like interest rates and ongoing shifts in consumer confidence .

“ With jumps in interest rates and inflation in 2023 , we saw more boating consumers being price sensitive and deciding to wait things out before buying their next boat and in the meantime , picking up a personal watercraft to enrich their time spent on the water ,” said NMMA president Frank Hugelmeyer . “ The nearly one million people who purchased a boat for the first time during the height of the pandemic continued to spend record time on the water in 2023 , helping drive an economic impact of $ 230 billion . As we enter 2024 , we expect Americans ’ desire to be near water to continue as more people seek ways to prioritize health and wellness and enhance their quality of life , which has the industry focused on continued innovation and ensuring greater access to our public waters .”

was the total impact boating had on the economy in 2023 .

DO YOU CURRENTLY OWN A BOAT OR HAVE YOU IN THE PAST ?

36 %

Never owned and have no interest in owning

Never owned but interested in owning 9 %

24 % Currently own

31 %

Have owned but do not currently own

Source : EPG Specialty Information

While shifting consumer confidence is in the spotlight as the industry begins the new year , a key indicator of U . S . consumer confidence recently surged in December , following the addition of 216,000 jobs to the economy . The Conference Board reported that its Consumer Confidence Index climbed to 110.7 from a downwardly revised 101 in November .

“ December ’ s increase in consumer confidence reflected more positive ratings of current business conditions and job availability , as well as less pessimistic views of business , labor market and personal income prospects over the next six months ,” Dana Peterson , chief economist at The Conference Board , stated in a press release .

“ While December ’ s renewed optimism was seen across all ages and household income levels , the gains were largest among householders aged 35 to 54 , and households with income levels of $ 125,000 and above ,” Peterson added . “ December ’ s write-in responses revealed the top issue affecting consumers remains rising prices in general , while politics , interest rates and global conflicts all saw downticks as top concerns . Consumers ’ perceived likelihood of a U . S . recession over the next 12 months abated in December to the lowest level seen this year ― though two-thirds still perceive a downturn is possible in 2024 .

“ Consumer expectations for the next six months also increased in December , reflecting improved confidence about future business conditions , job availability and incomes ,” Peterson continued . “ Expectations that interest rates will rise in the year ahead plummeted to the lowest levels since January 2021 , and consumers ’ outlook for stock prices rose to levels of optimism last seen in

22 february 2024 www . boatingindustry . com