The first quarter of 2022 recorded the third-highest boat sales of any first quarter over the past 15 years, according to Denison Yachting.
Only the first quarters of 2021 and 2018 were higher, and while the recent quarter exhibited a decline from last year, it was still above pre-pandemic levels. In North America, sales in the first quarter of 2022 were above the five-year average, the company said in a market update yesterday.
“Now that 2022 is underway, the long-term impact of the pandemic has begun taking shape. While a reasonable chunk of the sales in 2021 was attributed to the long backlogs carried over from 2020, the market’s performance this year has so far been primarily driven by new orders,” the company stated.
“This proves the sector has done commendably well to retain the broadened customer base it attracted during the pandemic,” the statement said.
For Denison, sales in the first quarter of 2022 exceeded its five-year average, with strong showings in superyachts, motoryachts, sportfish, sailboats and trawlers.
“We had a remarkable first quarter, with sales exceeding $160 million for the second consecutive first quarter,” the company stated. “We attribute this performance to the uptick of people looking to finally sell their old boats and take advantage of the increased demand or upgrade to larger or more modern options.”
Denison forecasts a full-year 2022 that is almost as busy as last year.
“Like most other industries, the yachting sector is experiencing significant disruption, thanks to Covid-19 aftershocks, geopolitical events in Europe, and rising inflation, among other unprecedented challenges. Fortunately, interest in outdoor activities like boating is still high and will continue driving sales,” the company stated.
“We are optimistic and believe that with the right mix of innovation, adaptation and agility, 2022 will not fall far behind the phenomenal year that was 2021,” the company added.