Nov 29, 2022
If you are reading this edition of Boating Industry Canada News Week Digest on Tuesday morning, I hope you can look around the Peninsula Room at Deerhurst and that we will see each other at the breakfast on the first full day of the Boating Ontario Conference. I’ll be there for sure.
I believe that one of the best sources of information to help you plan and manage your business is to talk to your peers. Every year brings a level of uncertainty, but this year may be the hardest to plan for in ages.
We know there continues to be a high level of demand for new boats but I’m hearing that it seems to have softened. Is that seasonal? Has the demand been met?
Maybe it’s that interest rates are up significantly. But they are still not that high. And, some of our customers will do very well as rates rise.
Rising interest rates are expected to hit the housing market but prices are not down much where I live. There is still a significant shortage of homes in the GTA while our government is saying that rates of immigration will increase. More people will need more housing.
Supply chain issues should ease but companies are saying they are short of labour. China struggles with COVID lock-downs and our domestic businesses are talking more and more about re-shoring manufacturing to North America. That will take a lot of time but it’s going to be positive for our economy in the long run and rapid advances in automation will mitigate some of the labour issues.
So, those are just a few of the factors I see at play right now. There may be a lot more that are likely to impact our industry in the coming year.
I may have a few of the answers but then again, I’m not confident that I even know all the questions! The point is that each of us is smart, we are all thinking, and we are all focused on the recreational boating industry. For the best guidance at a time of high uncertainty, I think that the consensus of opinion that you could get from attending the Boating Ontario or the Boating BC conferences may have the most value.
Hope to see you there!
Andy Adams - Editor
