The state of the North American boating market.
The first major figures for the boating industry are starting to come in, and they’re falling, sometimes quite sharply.
Of course, inflation rates, which are driving up interest rates, are partly to blame for the declining market, due to restrictions on boat loans by both American and Canadian financial institutions.
This confirms that we are definitely in a buyer’s market. Sometimes boaters ask us if it’s time to buy, and the answer is yes.
The drop in prices is mainly significant on the American side, given the abundance of supply. It’s also happening in Canada, but to a lesser extent.
Of course, we’re talking about a good time to buy, but that depends on your economic situation. Above all, take the time to define your needs and have more than one buying scenario in mind.
The important thing is to buy a boat that meets your needs and expectations, and that also respects or takes into account the tax system. These can vary widely.
For example, you can legally avoid all Canadian taxes by sailing in the U.S. under a Canadian flag. And yes, if you prefer the South (Florida), the Caribbean, or even Europe, contact us for all the details.
The numbers :
Let’s start with the Brunswick Corporation, the leader in the U.S., which includes the following companies (here’s an overview of the main ones):
– Boat division: Sea Ray, Bayliner, Lowe, Boston Whaler, Cypress Cay, Harris,
Lund, Crestliner, HewDay, Navan, Princecraft…
– Engine division: Mercury, Mercruiser, Flite
– Electronics: Simrad, B & G, Marinco, Lowrance, Mastervolt, Relion, Promariner, Czone, Attwood
– Finance: Blue Water
Data show a 21.7% drop in sales
(for the first 4 months of 2024 compared with 2023).
This is highly significant for America’s largest marine-oriented corporation.
The Beneteau Group has announced a 39% drop for its first quarter of 2024, which is very significant.
Many boaters say that new boat prices are too high, but you have to understand that these companies are listed on the stock exchange, so they want to maintain good profitability figures. So, faced with a drop in orders or deliveries, you have to understand that lower prices would complicate the analysis of results. But this is only a hypothesis. Companies don’t reveal their strategies. But they are not alone in maintaining high prices for new units. Several other major manufacturers are similar in this respect.
So don’t be surprised by the scarcity of new boats in dealers’ showrooms. Le Groupe mentions that powerboats have seen a drop of over 50% in orders from dealers worldwide.
So we’re definitely in a buyer’s market, and of course, the most significant discounts will be for recent and very recent users.
Here are the Groupe Beneteau brands:
In brief: Beneteau, Jeanneau, PRESTIGE, Lagoon catamaran, Delphia
American brands: Four Winns, Wellcraft and Scarab
There’s also MALIBU, which has announced a 45.5% drop in sales compared with the first months of 2023.
MASTERCRAFT, one of the US leaders in the wake boat category, has announced a 42.6% drop in its latest quarterly sales.
Winnebago, which sells RVs and boats under the Barletta and Chris-Craft brands, reported a 38.2% drop.
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Sales in the Yamaha Group’s marine segment, which includes outboard motors, personal watercraft and boats, were down 2.5% on the same quarter of the previous year. According to Yamaha’s press release, this decline is largely due to fears of an economic recession, which has led to a drop in demand for small and medium-sized outboards. Demand for high-power outboard motors remained stable. The personal watercraft sector declined due to concerns about rising interest rates, which made consumers reluctant to buy.
And here are the statistics for the world’s largest boat dealer:
MARINEMAX, on the other hand, reported a 2% increase in sales, which isn’t much, but it’s not negative.
MarineMax is the world’s largest boat dealer. It’s a unique concept in the world to have a dealer with so many points of sale over such a vast territory.
MarineMax is the exclusive U.S. distributor for AZIMUT, GALEON, AQUILA and the owner of CRUISERS YACHTS.
Don’t forget that we have established contacts with this very important player, so don’t hesitate to contact us, especially if you’re planning to sail there, as this will give you access to their after-sales service, which won’t be the case with a Canadian acquisition.
In a brief:
If you’re in the market to buy, you’re in a comfortable chair. But you should always make a well-considered purchase. Remember: reflection comes before action, and inspection is a must, whether you’re buying new or used
Contact us if you have any questions about boating. In almost 99% of cases, our fees are paid by the seller when you’re in buying mode, just like in real estate, so don’t hesitate to consult a professional broker familiar with importing or exporting a boat. At Ita Yachts Canada, we have over 20 years’ experience in the field. Since 2013, our office has been located in Saint-Jean-sur-Richelieu near Le Nautique marina.
We are members of the following websites: YACHTWORLD, BOATDEALERS and BOATS.COM.
We own the PROPRIOBATEAU.CA and ITAYACHTSCANADA.COM websites.
DISCLAIMER
The article presented on this page is for information purposes only. This information is provided as editorial (i.e. opinion). The information presented in this article is presented in good faith and, while believed to be correct, is not guaranteed. Ita Yachts Canada does not warrant or assume any legal liability or responsibility for the accuracy, completeness or usefulness of the information and/or images displayed, as they do not suggest anything in relation to this article, indeed no association can be made with respect to the images and the article. All information in this article is subject to change without notice and is without warranty. It is the reader’s responsibility to verify the descriptions and statements contained in this article. The brokers at Ita Yachts Canada assume no responsibility for any conclusions the reader may draw. The purpose of this article is to promote boating in all its forms. It gives one point of view among many. Any reproduction of this article is prohibited.
