The International BoatBuilders’ Exhibition and Conference opened this morning with the Industry Breakfast at the JW Marriott Water Street in Tampa, Fla. National Marine Manufacturers Association president Frank Hugelmeyer delivered his State of the Industry update to approximately 950 members of the boating industry.
“When we look back a year ago, we were facing the breadth of vessel restrictions along the entire East Coast, as well as impacts from hurricanes and preparing for a nationwide presidential election,” Hugelmeyer said. “Since then, we’ve seen global market volatility and commercial environments being impacted, which is why our industry is focusing on innovation, the marketplace experience and consumer expectations.”
Hugelmeyer noted that economic uncertainty related to interest rates, tariffs and other macroeconomic factors are impacting businesses ranging from major corporations to small marine dealerships.
“We’re advocating for policies that promote economic stability,” he said. “High costs are absolutely making it hard for working families to access the water and for dealers to address the top priority of boater participation to sustain demand. We’re driving this conversation in both halls of Congress, but at the end of the day, advocacy is most effective when all of us in this room participate. Each of you has a role as an industry advocate, whether it’s engaging with local representatives, attending the American Boating Congress in May, or supporting campaigns that expand access and boater participation.”
For the first time in years, almost all “What to Watch” economic factors presented by NMMA noted “caution,” including interest rates, new private housing starts, fuel prices, consumer confidence, consumer sentiment, credit availability, wages and employment, and dealer inventories. The consumer net worth/debt categories were listed in the “trouble” column.
Hugelmeyer also made a call to action for stakeholders to advocate and increase their involvement in industry matters.
“Utilize our Discover Boating insights to understand today’s changing market,” he said. “Contact your local representative and advocate locally and nationally to build stronger boat manufacturing champions and greater access, and engage in our 250-year celebrations around the founding of our country.”
The breakfast included the presentation of the IBEX Innovation Awards and several achievement awards, and a keynote presentation by Kevin O’Connor, host of the PBS series This Old House.
Look for additional Trade Only Today reporting from the show tomorrow.
