The National Marine Manufacturers Association(NMMA)reports new powerboat sales in Q1 2022 are showing signs of normalising following two years of historic growth but early indicators suggest sales will still outpace pre-pandemic levels.
In the first quarter, new powerboat retail sales totaled 54,000 units, down 20 percent compared to Q1 2021, while continuing to surpass pre-pandemic levels, up 20 percent from Q1 2019’s 45,000 units.
“Not surprisingly, we’re seeing sales begin to stabilise following extraordinary growth in 2020 and 2021 as competition returns for consumer spending among goods and services that were in many ways inaccessible during covid, such as travel, sporting events, concerts and other activities. We expect boat sales this year to be healthy, on par with, or above, pre-pandemic levels, with forward order books strong as dealer inventory continues to catch up to meet record demand,” says Ellen Bradley, NMMA senior vice president. “This cautious optimism is measured given consumers’ continued interest in experiences, particularly outdoor recreation, economic indicators such as low unemployment and stable consumer confidence, and as we monitor downside impacts of inflation and stock market volatility on consumer sentiment.”
According to the NMMA’s latestNew Powerboat Registrations Reportthrough Q1 2022:
- New personal watercraft retail sales while down 30 percent through Q1 2022, were 34 percent above pre-pandemic Q1 2019.
- New pontoon boat retail sales were down 12 percent through Q1 2022, while 49 percent above pre-pandemic Q1 2019.
- Retail sales of new wakesport boats were down 11 percent through Q1 2022, while 62 percent above pre-pandemic Q1 2019.
- New cruiser retail sales while down 17 percent through Q1 2022, were 17 percent above pre-pandemic Q1 2019.
Additional insights across NMMA member wholesale activity show recreational boat, engine and accessory manufacturers are working to balance inventory levels and fulfill retail orders while navigating ongoing supply chain challenges. Those supply chain challenges are expected to continue through 2022.According to NMMA’sMonthly Shipment Report, wholesale shipments of new powerboats through Q1 2022 decreased 13 percent year over year; wholesale shipments of outboard engines increased 4.8 percent year over year; and wholesale shipments of trailers increased 37.9 percent year over year.
