A new report, the YachtWorld Market Index, set to be released at the upcoming Tullett Prebon London Boat Show in January will analyse trends in the boating industry, worth £3.16billion annually in the UK. Whilst many sectors have fallen foul of the recession, the report will show that the UK boating industry has emerged relatively unscathed. This is primarily due to the fact that boaters, like many dedicated to their leisure pursuits, are very unlikely to forfeit their passion even in times of economic uncertainty.
Despite two thirds of consumers still worrying about the state of the economy and being ‘very cautious’ about spending on non essential items*, boat owners continue to buy , mostly from pre owned brokerage stock.
“We’ve seen a slight downturn in first time buyers because there is less disposable income to spend on a first time boat purchase, but existing owners continue to change boats and are reluctant to give up their valued asset altogether” said Ian Atkins, General Manager and Vice President of the world’s largest online database of brokerage boats for sale, YachtWorld.com.
The value of boats has not been adversely affected by the recession either; boats have held their value well with a rise in people opting for brokerage boats versus new models. “The large majority of boat buyers are fairly prudent with their purchases opting for good quality pre owned boats as opposed to higher value new boats which will depreciate rapidly by comparison.” remarked Ian.
UK boat manufacturers’ order books are expected to increase for 2011 but the pre owned market is set to prevail and soak up the strong demand in this sector throughout 2011.
To support the demand for used boats and in response to visitor feedback, the Tullett Prebon London Boat Show held at ExCel in January, will for the first time, exhibit pre owned boats in their Used Boat Marina in association with YachtWorld.com.