Boat Sales Have Skyrocketed During the Pandemic
March 19, 2021
With the nation on lockdown last year, Americans in search of outdoor activity took to the water. Few would have imagined it in the early days of the pandemic, with the stock market crashing and the economy falling into a deep recession, but 2020 was a banner year for boat sales.
Sales of boats, as well as marine products and services, jumped 9% in 2020 from the prior year, climbing to a 13-year high of $47 billion, according to the National Marine Manufacturers Association.
Strong demand has continued into 2021, and many dealers are struggling to keep up. According to reporting from CNBC, wait times for buyers have jumped from a few weeks to several months.
Boating is often seen as a hobby for the wealthy primarily, with the cost of a personal watercraft averaging $13,000. However, the president of the marine association told CNBC that 61% of boat owners have a household income of less than $75,000.