Dealer sentiment on current conditions increased in September (35 versus 28 in August), and the three- to five-year outlook dropped slightly to 44 from 46 in August. These figures are both below the neutral outlook of 50.
For this month’s Pulse Report, Soundings Trade Only, Baird Research and the Marine Retailers Association of the Americas asked 59 retailers to assess recent trends in North America. More dealers reported declines (51%) than growth (28%) in new-boat retail. “Purchases are still very much related to price,” one dealer said. “Our aged inventory that has the largest discounts has been the most desired. Could use a strong fall promotion from the OEM, like an end-of-season rebate.”
Fifty-one percent of dealers also reported declines in used-boat retail sales, with 30% reporting growth. Baird reports that September typically results in approximately 6% of annual retail sales. Headwinds in September included government actions, access to credit, trade-in activity and OEM promotions (or lack thereof). Dealers reported that good weather in their regions was a favorable factor.
Some 70% of dealers reported that new-boat inventory was “too high,” while only 4% of dealers said “too low.” For used-boat inventory, 38% of dealers said inventory was “too high” and 24% reported “too low.” Many dealers indicated that they wanted to carry as little inventory as possible to limit costs heading into the off-season. One wrote, “How is a dealer supposed to right-size their inventory when 100% of all assistance is tied to a reorder?”
When asked what was working, comments focused on price and discounts. “Promotions,” one dealer said. “Convincing people they’re getting an incredible deal has been the only way we’ve been able to sell anything this fall.” Another said, “It’s all about price and trade value.” A third commented, “Deep discounts and manufacturer promotions.”
On good weather, one dealer commented, “The nice fall weather has kept people thinking about the water, and many are planning to be on the water longer than they otherwise might. Many are already making plans for spring 2026.”
One dealer shared this tactic: “Trying more newsletters to remind people to come in for service and other repairs to be able to keep our staff busy and profitable.” Another mentioned SEO optimization on their website, while a third dealer repeated the need to follow up on leads. Yet another noted “some evidence Trump policies starting to work.”
Asked what was not working, many dealers called for more promotions. Also, as in recent months, many dealers commented on consumer hesitancy. One said, “People who aren’t 100% positive that they are ready to buy are quickly getting cold feet.” Another responded, “The real question should be: ‘Why is nothing working?’ Lower-end and used boats that are heavily discounted are the only things getting any looks. Interest rates continue to deter buyers, as does uncertainty in the market and the constant bombardment of political turmoil.” Another said: “Tariffs related to our international brands are really affecting one of our bestselling brands, adding 15% and more to the already high product cost.”
On a survey question about the greatest barriers to boat ownership, one dealer noted continuing difficulties with regulations on lakes: “Anti-surfing regulations are scaring people from buying.” Interest rates and the economy came up often. One dealer described a “complete lack of consumer confidence. Stability is key in confidence, and this boat is about as unstable as it gets just before it rolls over.”
Another said, “Too expensive for the average family.” Yet another wrote, “Aside from price, many potential buyers are concerned with overall maintenance and repair costs, storage and a fear they won’t use the boat enough to justify the purchase.”
The survey also asked dealers about white-glove strategies to encourage customers to use their boats more often. The answer with the highest positive response was a proactive service-scheduling discount program. The next was pretrip assistance with fueling, loading and boat checks. Also on the list were complimentary cleanings with storage contracts, concierge boat delivery to and from the dock, and on-water orientation and training.
Overall, one dealer said, “Fall shows so far have had crowds larger than one year ago. However, there is a general reluctance to buy, and this is not based on the ability to buy. It’s something else.”
