Boat Ownership Is On The Rise In Australia; Here’s What It Means

The poll estimates that the Australian marine sector’s revenue reached $8.835 billion in 2020–21 as used boat sales, rather than brand-new ones, continued to soar in the wake of the COVID–19 pandemic.

There is undoubtedly a significant crossover. Around 270,000 Australians live in homes with both a motor/speed boat and a dinghy, canoe, or row boat, while 67,000 yacht/sailboat owners also have one of these items in their home.

Although it’s simple to picture boat owners as richer people who go to exotic locations in superyachts, Roy Morgan data demonstrates that this is not the case. In fact, middle-class Australians in socioeconomic quintile C (15.5%) have a higher likelihood of having a boat in their home than do rich Australians in quintile AB (13.5%).

According to the data, there are currently 2.5 million Australians with boat licenses, or one in every ten persons, which is about 500,000 more than there were in the 2019–20 financial year.

Rising boat ownership gives a variety of opportunities for retailers  to grow their businesses and not just those who sell boats.  For instance, Australian boat owners are significantly more likely to participate in other aquatic activities like scuba diving and snorkeling, water-skiing, and surfing in any given three-month period than the national average. They are also nearly three times as likely to go fishing and over three times as likely to go water-skiing.

Which businesses are likely to flourish?

• Retailers selling gear or apparel for any of these activities might benefit from focusing their marketing efforts on this group of consumers.
• Game and Leisure Boats Industry- There has been an uptick in the demand of these boats. 
• Boat Repair and Services industry- Maritime repair services for marine boats including repair, modification, alteration, installation, and overhaul have seen a huge demand. Marine repair services are prepared to manage any difficulty that can arise during boat repair, maintenance, or conversion.

Several Australian cities have recorded a massive increase in revenue of boat services with a great demand for boat detailing in perth, Sydney and across other parts of the nation.

How could they impact you?

• Costs are increasing.
• Due to the increase in boat ownership, there are now more buyers on the market, which has driven up prices. 
• More active waterways
• As more people utilize boats, the number of vessels in the waterways will increase, making navigation more challenging. 

What’s the future for the industry?

It might be challenging to predict what will happen following this first rise in boat ownership in a sector that is affected by shifting regulations. However, the sector often runs in cycles, with demand increasing as summer approaches. The season typically begins in August following the boat show. Despite the show not airing, the season began early in May rather than its normal August peak.