In its Monthly Recreational Boating Industry Data Summary report, the National Marine Manufacturers Association confirmed that new boat retail sales declined 9.1% in 2024 on a 12-month rolling average.
The March issue of the NMMA’s report includes an analysis of economic factors and retail figures for 2024. The report is based on data from NMMA member manufacturers and state governments in partnership with Info-Link.
Key findings from the December 2024 report include:
• Declining Retail Sales: From January to December 2024, new powerboat retail unit sales fell by 9.1%, totaling 231,576 units — a significant year-over-year decline influenced by economic pressures and fluctuating consumer confidence.
• Growth in Single-Family Construction: Despite elevated mortgage rates and tight lending standards for construction and development loans, new single-family construction ended 2024 on a strong note. As the new year progresses, the construction industry is seeing an easing in the regulatory environment and tax cuts as tailwinds and tariffs and higher deficits as dampening momentum. NMMA monitors single-family housing starts given correlations to boat buying consumers.
• Softening Economic Indicators: While demand remained in key areas, broader economic indicators affecting the boating industry remained in the “caution” category, signifying concerns over market stability and continued uncertainty.
In a statement, NMMA’s chief brand officer Ellen Bradley said, “NMMA’s monthly data reports offer a glimpse into market conditions, however, we also need greater visibility into participation and changing consumer behavior as we work to engage next generation boaters — these are two priorities for Discover Boating in the coming year as we work to boost demand and support members and the larger industry in making informed decisions related to everything from marketing to new product development.”
NMMA’s Monthly Recreational Boating Industry Data Summary report is available at no cost for members.
