The Global Marine Business Advisors group last week met for two days in Spain to discuss a handful of pressing issues affecting the global marine industry.
“Rising inflation is seen as a big concern given the rapidly increasing global prices of fuel/energy and inputs to boat production and marina construction,” a GBMA statement indicated. “Declining consumer sentiment (now at levels last seen in the 1970’s), rising interest rates and perhaps worsening supply chain issues also present risks to the recreational boating market that need to be closely watched.”
The factors appear to pose an acute challenge to smaller operators. Negative factors aside, charter bookings are broadly positive and boat show activity is healthy, except for a shortage of inventory, GMBA said. Macroeconomic factors also pose a growing threat.
The gathering, held at Real Club Nautico de Palma de Mallorca Yacht Club March 14-16, was the first in-person meeting for GBMA. Participants said Russia’s invasion of Ukraine is disrupting the boating business in the region and beyond, according to a statement from the group.