NMMA: U.S. Boating Expenditures Up 8% in 2004
Total retail expenditures on boating reached $33 billion in 2004, an 8% increase compared to 2003, according to the 2004 Recreational Boating Statistical Abstract, scheduled to be released in late May by the National Marine Manufacturers Association (NMMA).
An increase in total retail expenditures was recorded for each of the major industry segments tracked in the Abstract. Accessory aftermarket sales led the way, continuing a trend toward higher sales that started in 1997. In 2004, aftermarket accessory sales increased 14% to $2.4 billion, approximately doubling from 1997, when sales eclipsed $1.2 billion.
New boat sales increased 7.2% in 2004 to $10.75 billion, while pre-owned power boat sales reached $7.9 billion (7.3% increase), new outboard motors totaled $2.9 billion in sales (12.8% increase), pre-owned outboard motor sales increased 12.7% to $1.8 billion, and trailer sales recorded $228 million, representing a 12.9% increase.
“Boat sales benefited from a strong economy in 2004,” says NMMA president Thom Dammrich. “The Gross Domestic Product increased 3.6%, unemployment experienced steady decline, and consumer confidence reached its apex in July at the peak of the boating season. All these factors combined to make 2004 an outstanding year for the boating industry.”
Read the May 16 issue of Powersports Business to learn more about the NMMA’s 2004 Recreational Boating Statistical Abstract.
