marine industry professionals
MIAMI: NMMA president says ‘worst for boating is behind us’
MIAMI BEACH - The 70th annual Miami International Boat Show opened this morning on a high note, with expectations that the industry will see improvements in 2011 and that the dark days are behind it.
"We have been here before and we have come out of it," Thom Dammrich, president of the National Marine Manufacturers Association, reminded the group gathered for the State of the Industry breakfast prior to the start of the show. Although the industry might not see huge growth this year, we should see a "fairly strong resurgence," he added.
Sales of new boats dropped during the recession, but participation in boating has remained high. More than 66 million people were involved in boating last year.
"We have a huge installed base that really is one of the great strengths of our industry," Dammrich said. Boating, he added, is a more-than-$30 billion industry.
Dammrich listed 10 reasons he believes sales will grow in 2011:
- Improving consumer confidence
- Less saving by consumers and more spending
- Auto sales are rising
- RV sales are growing
- GDP is growing
- Dealer inventories are at some of their lowest levels in history
- The used-boat market is drying up and prices are rising on the boats that remain
- Late-model used boats are not available
- New models have innovations not available in the used market
Dammrich said retail sales should be up 10 to 15 percent this year.
"The worst for boating is behind us," he added. "We have momentum on our side."
More than 2,000 exhibitors are at the Miami show this year, showcasing more than 2,500 boats, according to the NMMA. Along with Strictly Sail, the show runs through Monday.
— Beth Rosenberg
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Dammrich listed 9 reasons he believes sales will grow in 2011:
Tom, I’m not so sure I really agree. Here’s Why!
Improving consumer confidence
Ask the people who have been out of work for 2or 3 years about confidence!
Less saving by consumers and more spending
Have you been to the grocery store lately any savings is going for food!
Auto sales are rising
Of course they are, Cars are a necessity. Plus leasing programs make them affordable.
RV sales are growing
The RV industry is light years ahead of the marine industry
GDP is growing
I’ll give ya that one! 3% is acceptable
Dealer inventories are at some of their lowest levels in history
Dealers have no money and will not allow mfgs to cram product down their throats any longer.
The used-boat market is drying up and prices are rising on the boats that remain
The used boat market will always replenish itself.
Late-model used boats are not available
That’s because owners are upside down on 10 year & longer financing
New models have innovations not available in the used market
Many manufactures are cutting back on innovative features to keep the price Of new rigs affordable.
Let the good times roll !!!!!!!!!!!!!!!
I echo the thoughts of Burch/Mistic/Bull--and from my perspective as a broker, I continue to see "Wal Mart pricing", i.e., continuously falling numbers.
Yes, we'll hit a bottom eventually, but it may take a while longer than the author of the piece suggests.
This sounds suspiciously like a similar proclamation last year... but with new data to "back it up". Same wrong experts, same wrong forecasts.
My question is if RV sales are going up and cars are going up.. why did the boat business set a NEW LOW last quarter? As I said in this forum almost three years ago, batten down the hatches and cut costs to the bone as we are about to enter unexplored territory and it will be rough. Picking a bottom in the financial markets is never smart nor is it in this. While his job is to cheerlead, he does his members a disservice by having put his head in the sand in past years and maybe now as well. Only time will tell.