As the recreational boating industry returns to a more normal market, overall numbers were down 8.8% in April compared to the previous year. Year-to date figures were down by 13.1% with 67,496 units sold in the first four months of 2023 compared to 77,669 for the same time period last year.

“April was not the best weather month, and now that we’re in a more normal buying pattern, weather has more of an impact,” Gerrick Johnson, equity research analyst for BMO Capital Markets in New York. “New York City had 8 inches of rain in April, and we only get 40 inches in a year. Miami had 10 inches of rain.”

Looking at the financial side, Johnson took note of two segments. Aluminum fishing boats were down only 7.3% for April, with 3,503 new registrations in 2023 compared to 3,779 for the previous year. “Aluminum fishing boats were less weak, and that was one you’d assume would be impacted by inflation and interest rates because those are more of your credit buyers,” Johnson said.

The data was provided by Statistical Surveys Inc., a Michigan-based firm that compiled information from 36 states, representing about 76.45% of the U.S. recreational boating market.

The other category that interested Johnson was Ski Wake, which was down 30.6% for April 2023, with 945 boats registered compared to 1,361 in 2022. Even though the prices for these boats compare with larger cruising-style boats, Johnson said, most buyers in the Ski Wake class use credit. “The buyer is probably middle-aged with teenage kids, not necessarily a retiree or older with accumulated wealth, and that’s the most expensive category where you’ll still see a majority of credit buyers,” Johnson said.

Additionally, Ski Wake could be seeing some buyer hesitation because more states are considering or enacting laws restricting use. “It’s unquantifiable, but all things being equal, it probably has an impact,” Johnson said.

He also said he’s been hearing about heavy inventory for pontoons, which were down 17.9% for April 2023 versus the previous year, and down 24.7% in the year-over-year comparison. Outboard-powered fiberglass boats were down 12.3% with 4,229 boats registered in April 2023 compared to 4,820 in 2022. Sterndrive-powered bowriders and deck boats were down 30.4%, and cruisers measuring 31 to 40 feet long experienced a 44.3% drop in registrations.

As continued evidence that people with money are spending it, yachts longer than 66 feet were up by 87.5%, with 15 registered in April of this year compared to eight in 2022. Personal watercraft also stayed positive at 6,116 in 2023, a 6% boost over 2022’s 5,771. Jet boats were also up slightly, 483 versus 464, an increase of 4.1%. Electric boats were up by 50% with 21 new units in April 2023 versus 14 in 2022, and house boats had the biggest jump: 133% with seven hulls launched compared to three in 2022. 

This article was originally published in the July 2023 issue.