Skip to main content

Consumers are slow to spend on luxury goods

The wealthy may be spending again, but they aren't opening their wallets as willingly as they once did.

Business is creeping back for hotels, yacht rental companies, jet brokers and jewelry stores - purveyors of the luxury goods that once seemed immune to a downturn, but then took a hit with the recession, according to an article in The New York Times.

Some experts say much of the high-end spending before the recession was fueled by money borrowed by people trying to live beyond their means. Today there is a trend to reducing risk by cutting debt.

At Sabre Yachts in South Casco, Maine, a good year once meant building and selling about 180 luxury sailboats and powerboats priced from $400,000 to $1.5 million. Last year, sales sank to well below 100, Daniel Zilkha, who has owned the company for 15 years, told the newspaper.

"This was by far the worst downturn since the luxury tax nearly wiped out the boatbuilders in the very early 1990s," Zilkha said. "Business is picking up relatively slowly, but it feels as if the recovery has substance."

Click here for the full article.



Propeller Precision

Yamaha’s new $20 million foundry produces about 100,000 propellers a year


PR Firm Celebrates 60th Anniversary

Martin Flory Group has served the RV and marine industry segments since 1962.

Screen Shot 2022-09-26 at 9.29.49 AM

Mack Boring Turns 100

The New Jersey-based engine and components supplier, started in 1922 by Edward “Mack” McGovern, today is still a family-run business.


IBEX Canceled

Tropical Storm Ian is expected to strengthen into a hurricane and impact Florida’s west coast sometime Wednesday.


Clearing the Deck

Bombardier Recreational Products unveiled the Rotax outboard with Stealth Technology in August


Shoring Up Your Defenses

Marine businesses are just as open to cyberattacks as all kinds of other businesses in nearly every industry


Hinckley Unveils SilentJet

Hinckley Yachts teamed up with Wisconsin-based transmission-maker Twin Disc to create a hybrid electric system called SilentJet that can switch automatically from diesel to electric power, depending on how much throttle you use.