2024 FORECAST mid-2021 . Meanwhile , average 12-month inflation expectations continued to recede , and it now stands at 5.6 %. Consumers ’ views of their expected family financial situation six months hence ( not included in calculating the Expectations Index ) also improved in December . Likewise , on a month-to-month basis , buying plans for autos , homes and big-ticket appliances rose moderately across the board , ending the year on a slightly more positive note .”
At the federal level , The Labor Department reported that average hourly earnings rose by 15 cents to $ 34.27 , in December , exceeding expectations . During the 12-month period through December , average hourly earnings increased by 4.1 %. The strong pay gains that union autoworkers obtained after their six-week strike against major U . S . vehicle builders contributed to the national improvement . Similarly , The U . S . Department of Commerce reported that consumer spending , which represents more than two-thirds of U . S . economic activity , rose 0.3 % in November . Personal income rose 0.4 %.
Despite some positive movement across numbers as 2023 came to a close , concerns remain across the industry in interest rates , as the industry moves into the peak of boat show season and through the coming spring .
However , reports from early season shows indicate that consumer spending , interest rates and inflation may not be the deterrents to sales the industry initially believed .
The 2024 Discover Boating Minneapolis Boat Show reported strong crowds during its four-day run in January , attracting more than 25,000 attendees . And overall , feedback from exhibitors was positive , with several reporting solid sales and leads from the show , particularly among entry-level buyers .
“ We outpaced pre-COVID sales and are satisfied with the results of this year ’ s boat show following a record 2023 selling year ,” noted John Wooden , President , River Valley Marine . “ We were pleasantly surprised with the amount of entry level price point buyers . We look forward to returning in 2025 .”
“ We were happy to see the crowds return and bring business to our exhibitors ,” said Darren Envall , Vice President , Discover Boating Midwest Shows . “ Determined boat buyers came ready to shop and talk with dealers , and our marine accessories and equipment exhibitors are reporting a successful show , with many boat owners who entered the market recently coming to the boat show to outfit their boating lifestyle .”
Similarly , the Discover Boating New York Boat Show and Discover Boating Louisville Boat , RV & Sportshow , which wrapped at the end of January , reported steady crowds and intent boating and outdoors enthusiasts , with several exhibitors reporting quality traffic , new leads , and sales . The New York Boat Show attracted more than 27,000 attendees , and more than 28,000 cruised into Louisville to visit the annual sportshow .
While there is still plenty to watch in 2024 , from an election to current legislation that could impact the industry moving through the Capitol , as well as continued fluctuation in interest rates and consumer confidence , early indicators show that 2024 may not be the rough storm that many predicted . www . boatingindustry . com february 2024
23