Americans couldn’t scrape up the cash for a cruise to the Caribbean. There wasn’t enough credit left to charge a flight to Disney World. But as tough economic times hit, millions of Americans, 75 million to be exact, found the perfect little getaway in 2010: a weekend of boating and yachting.
While other industries sank as the recession took hold, the yachting industry saw numbers hit a record in 2010, when 32.4% of American adults participated in the leisure activity. That’s the highest percentage since 1999, according to the National Marine Manufacturers Association.
High gas and diesel prices didn’t seem to faze the industry. Neither did high unemployment or falling consumer confidence. Why?
“It’s that whole concept of a staycation,” said Thom Dammrich, president of the National Marine Manufacturers Association (NMMA). “For what it costs you for one week in Disney World, you could be out on the boat every single weekend.”
Paul Ruegamer and his wife, Dana, didn’t get on the water every weekend, but the Noblesville couple took their boat out at least once every 2 weeks last summer.
He credits boating’s popularity to the fact it’s a great family activity.
And if you’re stressed, perhaps about the economy? “There is something relaxing about being on the water,” said Ruegamer, who plans to make his 2011 boating debut this weekend on Lake Mississinewa.
Plenty of relaxation has already taken place this month at Lake Monroe in Bloomington as college grads and families took advantage of days with high temperatures in the 80’s, said Damon Cappy, general manager of Lake Monroe Boat Rental.
Boaters also are forking out extra cash for aftermarket accessories. That category saw sales increase 6% to $2.4 billion in 2010. Boaters also increased their spending on operating costs, including insurance, docking, fuel and maintenance.
One segment of boating, however, didn’t enjoyed a significant jump in 2010: new boat sales.
Nationwide, 188,230 new power and sailboats were sold last year, down 10% from 2009.
There is some good news for boat sales. There has been a regional rebound in several states, including Indiana, which saw a 0.5% increase in new boat sales in 2010.
That means a turnaround could be on the way, as long as Mother Nature does her part.
“If it’s too hot and dry, people don’t boat. If it’s too cold, they don’t boat,” Novicki said. “The weather is our biggest deterrent. Or our biggest help.”
Source: The Indianapolis Star (Dana Hunsinger) & The NMMA
