The answer is invest $10 million, a joke but not necessarily true. When looking at all the recent statistics on boat sales, there are not a lot of new boat sales going on across the country, last year around 163,000.
That isn't the whole story for the industry. The marine accessory business has been increasing at a steady rate with a 3% increase last quarter alone according to the most recent NMMA statistics.
When we surveyed many of our distributors and dealers most agreed sales were up, and so were profits. So what is going on?
There are 12.8 million registered boats in the US, people already own them, instead of just looking at them in the driveway they are forgoing lengthy vacations and rentals at the beach and using what they already have. The price of fuel is down and a beautiful day on the water in ones boat is why we purchased the boat in the first place, and when things get tough we tend to resort back to the simpler moments. During the 2010 boating season 75 million people went boating the highest participation since 1999 and a increase of 14% over 2009.
The trend is to use what we have and then to upgrade with small and cost effective things. That is why all these stores are doing so well. In the Marine electronics most upgrades are for Navigation, radios and trendy new gadgets such as inflatable PFDs, Autotether wireless lanyards and LED lighting, overall trying to make a safer more efficient environment.
When we asked our dealers and distributors what was selling, safety was right up there at the top of the list. With most states requiring licensing and age limitations on drivers, boater are becoming much more aware of safety issues and the hazards of operating on the water. Some States are requiring the mandatory wearing of a PFD while under way and there are six states that have lanyard laws subject to a fineable offense. You have to be attached to your lanyard while your boat is moving, and this is moving into a federal directive.
Bottom line this all makes sense, it is easier to use these devices now that they have moved into the 21st century, self inflatable PFDs are a perfect example and lanyard technology hasn’t improved or changed in 60 years until now and with the advent of wireless it is a no brainer. .
I’m not any different I will be putting aside gas money over the winter, I am going to make improvements to my 2003 Pursuit and get it looking like new and add some upgraded electronics to it and go out and enjoy myself.
