In January, new-boat registrations were down 23.6%, at 4,293 compared with 5,618 in the same time frame in 2022. The total industry numbers fared slightly better, 7,036 versus 8,341, a 15.8% drop. These numbers continue to indicate the typical seasonal slowdown that most dealers and manufacturers in Northern states expect.
The data was provided by Statistical Surveys, a Michigan-based firm that compiled information from 29 states, representing about 58% of the U.S. recreational boating market. Of those new registrations in January, Florida led the way with 2,663, followed distantly by Texas at 820, North Carolina with 504, Michigan at 379 and Alabama with 365.
“The boat shows we’ve been to so far this year, the dealers have been moderately surprised by the performance,” says Gerrick Johnson, equity research analyst at BMO Capital Markets in New York City. He adds that because more dealers have boats in stock, the consumer’s feeling of urgency that bordered on desperation in 2022 is no longer there.
“This year, they can shop around more,” Johnson says. “People don’t need to buy a boat in January. They will go to the shows, do more research, talk to their spouse, go back to the dealership, and maybe two months later, the sale happens.”
Looking at individual categories, despite the discussions around alternative propulsion, electric boats had the biggest drop in January, with three new registrations compared with 15 in the previous year, an 80% decline. Jetboats were down 51.3%, with 115 new registrations compared with 236 in January 2022. Close behind, sterndrive bowriders and deckboats from 14 to 30 feet had the biggest decline, 51%, with 97 new registrations compared with 198 in 2022. For all categories, the year-to-date numbers are the same as the monthly numbers because January is the first month of the year.
Some 965 aluminum fishing boats were registered in January, a 21% reduction compared to January 2022’s 1,222. Pontoon boats saw 908 new registrations in January, which was a 31.1% decline from 1,318 in January 2022. Outboard-powered fiberglass boats from 11 to 50 feet saw 2,014 new registrations for the month, a 16.5% drop from 2,401 the previous year.
Cruisers from 31 to 40 feet saw 27 new registrations in January, a 20.6% drop from 34 in January 2022. Moving up, new yacht registrations from 41 to 65 feet numbered 42 to start this year, a 28.8% reduction from January 2022’s 59. Twelve yachts larger than 66 feet were registered in January, a 40% decline from 20 in January 2022. Wakesports boats saw a similar drop, 37.7%, with 228 new registrations for the month compared with 366 a year earlier.
Ending on a positive note, personal watercraft registrations were 1,670, a 1.2% increase from the previous year’s 1,651. Ninety-three new sailboats were registered in the first month of this year, a 22.4% jump from 76 in January 2022. The category “all others” saw 656 new registrations in January, a 30.2% boost from 504 in the previous year.
This article was originally published in the April 2023 issue.
