August 8, 2023
BOATING MARKET REPORT: STRONG CONSUMER INTEREST REMAINS AS INVENTORY LEVELS BOUNCE BACK
- Inventory recovery is underway as marketplace listings increased by 56%
- Demand continues to move boats more quickly, selling 74 days faster than in 2019
- Overall global boat value remained flat to last year, yet above pre-pandemic values
- The number of boats sold down 9.8% compared to 2019
MIAMI, Fla., August 8, 2023 — The demand for boats remained strong during the first half of the year as inventory levels continue to recover from the pandemic-era buying surge, according to the latest market report from Boats Group. The global leader in online boating marketplaces analyzed data from its top sites, Boat Trader, YachtWorld and boats.com, from the first half of the year through 2019.
“Early indicators like days on the market, number of listings and overall boat value are contributing factors to understanding the health of the boating industry, and what we are seeing is a very positive trajectory,” said Courtney Chalmers, vice president of marketing at Boats Group. “Consumers have continued to show a high level of interest in boating, creating a favorable position for brokers and dealers as inventory levels ramp up.”
The industry continued to overcome inventory shortages, specifically in the larger boat segments, as the total volume of boats sold was down 9.8% compared to 2019. On the other hand, recovery is well underway as Boat Trader, YachtWorld and boats.com have collectively seen a growth of 56% in listings compared to the first half of 2022.
While boats are selling more quickly in 2023 than in 2019, the average days on the market have increased (slightly) for the first time since the boating boom, further indicating a recovery in inventory both domestically and internationally. The global average number of days on the market during the first half of 2023 was 187 compared to 261 days in 2019, a considerable jump suggesting a sustained level of consumer demand.
Boat prices across the globe have maintained stability compared to the previous year, although there has been an upsurge of nearly 20% in comparison to the values observed in 2019. The substantial increase reinforces that solid consumer demand has continued to elevate overall boat value.
“We are constantly monitoring marketplace trends and looking for key information that can support both our customers and consumers in making well-informed decisions,” said Chalmers. “The current influx of new inventory presents an opportunity for us to strengthen the perception of boating’s value, particularly among those who are new to the experience.”
Many brokers and dealers are prioritizing the movement of new inventory, especially after facing years of supply chain challenges. A recent survey by Boat Trader found a significant number of younger private sellers, who purchased boats within the last one to three years, are eager to upgrade their vessels, with millennials representing the majority at 49%. This promising trend indicates a high probability of brokers and dealers selling their replenished inventory to meet the demands of these buyers.
For a comprehensive view of the boating market, visit boatsgroup.com/news to download the 2023 Midyear Market Index from Boats Group.
About Boats Group
Boats Group owns and operates the world’s leading online boating marketplaces, connecting the largest global audience of boat buyers with top sellers and manufacturers. Boats Group’s portfolio includes a variety of industry-leading brands like Boat Trader, YachtWorld, boats.com, iNautia, Cosas De Barcos, Botentekoop, Annonces du Bateau, Boats and Outboards, Boatshop24, Click&Boat and Trident Funding.
For nearly three decades, Boats Group has helped marine retailers sell more boats faster and convert more shoppers into buyers than any other source. Through a comprehensive suite of digital business solutions, including proprietary web-based contract management tools, and premier digital marketing strategies and services, Boats Group delivers unmatched value to its industry partners and optimizes the virtual path to boat ownership.
Owned by Permira, Boats Group is headquartered in Miami, Florida, United States, with co-headquarters in Fareham, England, and additional offices in Padova, Italy and Barcelona, Spain. For more information about Boats Group, visit boatsgroup.com.