The ideal time to plan your successful 2025 season
Nov 12, 2024
In the past week the United State’s election has been settled and the next four years look like they will take America, and probably all of North America, in new directions. What impact this will have on our industry in Canada seems difficult to predict at this point, but we have some great resources and we should plan to use them wisely.
Last week the NMMA’s Recreational Boating Industry Monthly Data Summary for November 2024 was announced and for NMMA members, these monthly summaries include performance indicators on wholesale and retail sales of new powerboats and outboard engines, economic metrics, and interactive graphs illustrating historical trends, making them a powerful tool to inform strategic decisions and keep industry stakeholders up to date on the economic trends shaping consumer demand. Their most recent Currents newsletter stated that most economic indicators remain in the ‘caution’ category, including the Consumer Confidence Index, which indicates many consumers remain cautious when looking to make larger purchases. Additionally, borrowing costs are still relatively high, making financing larger purchases, like boats, less attractive to some consumers. The housing market in the U.S. is facing mortgage rates around 6.79% and I would call those expensive.
Will those mortgage rates have a negative impact on the U.S. economy? I have to think it will at least be a drag. NMMA’s Recreational Boating Industry Monthly Data Report is free to members and makes accessing current data and insights from NMMA easier than ever. Associate members receive an exclusive opportunity to access the reports at no cost through December 31, 2024.
Another great resource for boat dealers is their floor-planning partner; probably Wells Fargo. They are also our partner in the Industry Breakfast that is planned for Tuesday, January 21st, 2025, at the Toronto International Boat Show. I expect that we will again be treated to a great presentation on the current and future expectations for the industry. As in the past, NMMA Canada and Boating Industry Canada will also be partners in the Industry Breakfast event. Mark that in your books.
We have other great resources available and we will need them. Transport Canada has a slate of regulations and restrictions around boats, boating and boat operation. Stay close to your industry association and plan to support them. Subjects like mandatory lifejacket wear, speed and operation restrictions and other topics are on the Transport Canada agenda this fall. We are very concerned about these topics having a negative impact on boating in Canada. Plan to attend the Boating BC Conference if you are in the West or the Boating Ontario Conference in the east. In fact, I expect that all the marine industry associations will have meetings and resources to share with their members. This year we will need all the information we can get to navigate through the coming year.
I never recall a year where there are so many issues on the table that may impact our business. Stay tuned…
Andy Adams – Editor
