Challenges and Opportunities
Cost: A Rising Barrier to Sales
The actual price of purchasing and maintaining a boat is a concern to 77 percent of potential buyers, 65 percent of former owners and a remarkable 46 percent of recent buyers. In itself, that doesn't mean these groups will not buy or buy again, but the value of boat ownership will have to rise before they commit. Even recent buyers—who should be most enamored with a new boat—have lingering concerns over cost. Maintenance routines (as opposed to actual costs) are of greater concern to prospects, probably due to their unfamiliarity with marine service requirements.
Previous major market studies, the latest of which was conducted in 1988, show a significant difference on the subject of affordability. Then, prospective owners overestimated the prices of popular boats by as much as 30 percent. NMMA's promotional campaign, "C'mon Aboard," addressed that finding with a message to consumers that owning "costs less than you think." Earlier studies showed a lack of awareness regarding boat financing; today's buyers, however, are well aware of the benefits of borrowing for a boat, and say that getting a loan was easier that expected. To make boating more affordable, the RPC recommends improving the climate and process for marketing used boats. The goal in such a program would be to bring prospects into boating at a lower price point, provide a positive experience, then move them up into a new boat. Other ways to reduce the cost of entry or simplify access to boating include chartering, or renting and leasing programs.
