Boat market is normalizing after pandemic boom

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The market for boats, which went wild during the pandemic, is returning to normal, according to a new report.

Boats at Museum Park Marina in February. Photo: Eva Marie Uzcategui/Bloomberg via Getty Imagesfrom Boats Group, the Miami-based advertising and software company for the marine industry.Comparing 2022 with pre-pandemic year 2019, 5.32% fewer boats were sold in the United States – but the average boat value was 31.28% higher.5,279 sailboats were sold last year, as were 38,630 powerboats.

The average boat value was $117,574 in 2019, peaked at $164,808 in 2021 and dropped to $154,357 in 2022."The effects of the demand and supply chain disruption during the pandemic are also still very apparent," Courtney Chalmers, vice president of marketing at Boats Group, said in a statement.Interest rates are affecting boat sales, like they are home prices.

Marine lender Trident Funding reported that loan applications rose by 80% in 2022, but more people were seeking loans for less than $100,000.

 

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PPP and grants drying up huh?🤷🏼‍♂️ dang them folks made some millions 🤷🏼‍♂️

The government paid for most of them.

Thank god…that was a wild ride…🙄

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