Minnesotans' love of boats remains afloat post-pandemic
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Natalie Peeples/Axios
The pandemic boating boom is still making waves for the economy, despite what industry experts call a "normalization" of sales in the wake of the pandemic.
What's happening: Recreational boating in Minnesota is projected to generate $6.9 billion in economic activity this year, per the National Marine Manufacturers Association.
- That figure, which includes sales, jobs, and other spending related to boating, represents a 155% increase from 2018.
Plus: Consumers here spent an estimated $1.5 billion on new powerboats, outboard engines, boat trailers, and aftermarket accessories in 2021, per NMMA, up 14% compared to 2020.
The big picture: Recreational boating in the U.S. saw a 35% increase in annual economic activity between 2018 and 2023, leaping from $170 billion to $230 billion, according to the NMMA.
Yes, but: Sales cooled across the nation in 2021, in part due to supply chain and inventory issues.
- The Department of Natural Resources processed 30,449 new boat registrations in 2022, down from 37,070 in 2021. The category includes both just-purchased boats and those newly registered in the state.
What we're hearing: Bob Geiger, general manager at Wayzata Marine, told Axios that manufacturers have largely caught up with retail demand, creating more purchasing opportunities for prospective boat owners who were previously squeezed out by pandemic-era costs.
- "Sales continue to be strong," said Geiger, whose website currently features powerboats ranging from $132,000 to more than $172,000. "It's a good time to be a customer [because] inventory is building and everybody's discounting more than they did in the COVID years."
Of note: It's not the yacht-owning one-percenters responsible for America's booming boat economy.
- Nationally, 800,000 first-time boat buyers entered the market in 2020 and 2021, NMMA senior vice president Ellen Bradley told Axios. Many are regular folks fishing, water-skiing, sailing, and jet-skiing.
What we're watching: Sales nationally are expected this year to remain flat or increase slightly.