Pandemic Brings Unprecedented Tide of Boat Sales
While Covid-related closures have left many businesses struggling, the boating industry is doing more than just staying afloat. Boat sales have been consistently strong across the country with many dealers reporting record sales going into the summer. After months of being cooped up, people are looking for ways to enjoy the outdoors, and boat dealers and manufacturers are seeing surging boat sales as a result.
Coronavirus isn’t hurting discretionary spending.
While Covid-19 has affected the global economy in devastating ways, the marine industry has seen a dramatic sales increase that many thought impossible as recently as March. Faced with business closures and uncertainty about the conditions under which they could operate going forward, many in the industry feared the worst as the summer selling season approached. Instead, consumers discovered that owning a boat offered the opportunity to social distance at its best.
In May, the Boat Owners’ Association of the US, known as BoatUS, recorded a 250 percent increase in sign-ups for their certification courses from people seeking activities with a low risk of virus transmission. “It’s a record for us,” says Chris Edmonston, vice president of government affairs at BoatUS. “There has been a huge demand for access to the water because of the pandemic.”
“It shouldn’t be a surprise that boat and yacht sales are up,” said Tim Derrico Director of Sales at HMY Yacht Sales. “Instead of taking a cruise or planning an overseas vacation, our clients look at yachting as a way to self-isolate while spending quality time with their friends and family. Whether it’s on a new or used yacht, they want to stay local for their summer-time trips.”
Used boat sales are booming
Because the pandemic caused boat and yacht builders to shut down their operations during the early part of the year, used boat sales have increased to levels not seen in many years. This is especially true with late-model boats. With tightening inventories and no shortage of buyers, this is certainly an excellent time for sellers to list their used yacht on the market.
2020 a year to remember
It’s certainly true that 2020 began on a troublesome note, not just in the marine industry but throughout the world. That said, with interest rates at all-time lows and fuel prices lower than ever, boating is well-positioned to benefit in the COVID-19 era as house-bound families seek an outdoor experience that only boating can provide.
Contact an HMY Yacht Sales professional today for assistance buying or selling: (561) 510-6200