Updated Sep 1, 2023 - Economy
Americans sound miserable, but are buying lots of boats
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Spending on pleasure boats continues to hover near remarkable highs.
Why it matters: You don't buy a boat unless you're fairly confident the economic wind is at your back, so this is a good sign that Americans — despite what they tell pollsters — are actually feeling pretty good.
- It's a bit of a reality check on what polling says is the predominant American mood of the moment: diffident and dissatisfied verging on despondent.
- The boat-buying binge — which began during the Covid crisis — is also another strike against the once dominant "looming recession" narrative.
By the way: Before you cynics jump down our throats, Axios' Joann Muller, who's reported in depth on the trend, says this isn't just about the rich.
- "It's not the yacht-owning one-percenters responsible for America's booming boat economy," she wrote in June. "Rather, it's the vast numbers of regular folks fishing, water-skiing, sailing and jet-skiing, according to the National Marine Manufacturers Association."
