BOATING MARKET REPORT: DEMAND CONTINUES TO MOVE INVENTORY AT A RECORD PACE
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- Strong consumer demand continues to move boat inventory faster than before the pandemic
- Global average boat value is 28.9% higher than 2019
- Boats sold in the first half of the year total over $6 billion globally
- Average price of boats in the 26-foot range continues to rise, up 71.5% in the U.S. and 140.6% internationally
MIAMI, Aug. 1, 2022 /PRNewswire/ -- Boats Group, a global leader in online boating marketplaces, today announced findings from its latest market report, analyzing the first half of 2022 while comparing pre-pandemic trends alongside pandemic-driven growth. The rising value of boats has yet to affect consumer demand, with listed boats moving off the market faster and sales remaining higher than before the pandemic in 2019.
Consumer demand coupled with lower than normal inventory levels is driving these historic spikes in boat values as the global average boat price is now $182,900, an increase of 28.9% from 2019. This is further reflected in how quickly boats are moving off the market, selling 32 days faster than last year and 83 days faster than in 2019.
"The continuous and strong growth we've seen from our marketplace data is a key indicator of the overall health of the boating market," said Courtney Chalmers, Vice President of Marketing at Boats Group. "As we compare pre-pandemic numbers to the current market conditions, we're looking for shifts in consumer behavior that will further provide insight about what we can expect in 2023."
Throughout the past year, budget-friendly options have become increasingly popular for buyers looking to get out on the water. Boats in the 26-foot range saw an average price increase of 71.5% in the U.S. and 140.6% internationally compared to pre-pandemic values. The overall market driver for unit sales from 2019 to 2022 were boats in the less than 35-foot segment.
"As we head into the second half of 2022, we're closely tracking the volume of boats listed for sale. Early indicators show inventory making a comeback and becoming more consistent compared to the peaks and valleys we saw in 2020 and 2021," said Chalmers. "This very positive trend will help boat builders, dealers and brokers to be well-positioned for the strong consumer demand that doesn't appear to be going anywhere."
For a comprehensive view of the boating market, visit boatsgroup.com/news to download the 2022 Midyear Market Index from Boats Group.
About Boats GroupBoats Group owns and operates the world's leading online boating marketplaces, connecting the largest global audience of boat buyers with top sellers and manufacturers. Boats Group's portfolio includes a variety of industry-leading brands like Boat Trader, YachtWorld, boats.com, iNautia, Cosas De Barcos, Botentekoop, Annonces du Bateau, Boats and Outboards, Boatshop24, Click&Boat and Trident Funding.
For nearly three decades, Boats Group has helped marine retailers sell more boats faster and convert more shoppers into buyers than any other source. Through a comprehensive suite of digital business solutions, including proprietary web-based contract management tools, and premier digital marketing strategies and services, Boats Group delivers unmatched value to its industry partners and optimizes the virtual path to boat ownership.
Owned by Permira, Boats Group is headquartered in Miami, Florida, United States, with co-headquarters in Fareham, England, and additional offices in Padova, Italy and Barcelona, Spain. For more information about Boats Group, visit www.boatsgroup.com.
Media Contact: Rachael Lobeck | Boats Group | [email protected]
This release contains disclosures that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. These forward-looking statements are based upon Boats Group's current plans or expectations and are subject to a number of uncertainties and risks. These statements are not guarantees of future performance, and Boats Group has no specific intention to update these statements. As a consequence, current plans, and anticipated actions may differ from those expressed in any forward-looking statements made by Boats Group or on Boats Group's behalf.
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SOURCE Boats Group
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