A decline in sales marked by an uncertain economic environment
Between January and December 2024, sales of new boats totaled 231,576 units, marking a net decline on the previous year. This trend can be explained by a combination of economic pressures, a slowdown in consumption and a weakening of certain key indicators in the marine market.
The Conference Board's consumer confidence index fell by 7 points in February, reaching its lowest level since August 2021. This situation has led to increased caution among potential buyers, limiting the market's recovery.
An aging market and structural challenges
The NMMA report also highlights a worrying change in the profile of boaters. The median age of U.S. boat owners is now 60, with a higher proportion in their 70s than in their 40s. Jack Ellis, of Info-Link, highlights this issue by asserting that "today's buyers are the same as 25 years ago, but 25 years older".
Faced with this situation, the boating industry is trying to adapt its strategy. Initiatives such as Discover Boating and Take Me Fishing seek to attract a new generation of boaters, notably via campaigns on TikTok. The stakes are high: maintain the appeal of boating to the younger generation and stimulate flagging demand.
Trump's new trade policies, an additional threat
The US marine industry is also facing the consequences of new protectionist measures introduced by the Trump administration. The reintroduction of 25% tariffs on steel and aluminum, as well as the introduction of similar taxes on imports from Canada, Mexico and China, are likely to further increase the cost of materials and equipment.
While the NMMA is concerned about the impact of these tariffs on the competitiveness of American manufacturers, it is calling for more balanced alternatives to preserve the sector's growth and avoid a further slowdown.
Towards a turnaround in 2025?
Despite this difficult environment, there are signs of a possible stabilization. Growth in single-family home construction in the United States and favorable tax measures could give consumers back their purchasing power. However, the yachting industry will have to redouble its efforts to attract younger customers and overcome government-imposed economic barriers.
