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Why Aren't Millennials Buying Boats?

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    Why Aren't Millennials Buying Boats?

    https://www.boatus.com/magazine/2017...ying-boats.asp


    "The number of young people participating in boating hasn't been consistently studied over time, though one study, conducted by the U.S. Coast Guard, found that 27 percent of 25- to 34-year-olds in the U.S. participated in boating in 2012 versus only 23 percent of 55- to 64-year-olds. This suggests that, in 2012 at least, younger people were out on the water as much or more than their parents. So where are all the young boaters? One possible explanation is that young people are not giving up on boating, just going about it in a different way: chartering, borrowing, and riding along."




    Rafael Figueira
    1998 Bayliner Capri 1800 LS

    #2
    A very good question... I've been pondering this one for a while now. There's an interesting assessment in the Port of Everett's facilities plan. I think it's from a few years back but the conclusions about demand is in line with what you posted. http://www.portofeverett.com/home/showdocument?id=11455
    1995 Bayliner 2452 Mercruiser 5.7L Alpha 1 Gen 2

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      #3
      Perhaps they do not have the disposable income their parents generation had?

      Perhaps even the ones that have the disposable income do not want the huge committment that buying a boat represents.

      KEVIN SANDERS
      4788 LISAS WAY - SEWARD ALASKA

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        #4
        Boating, they don't even like owning cars....

        Maybe boat sharing services are more to their liking?
        2001 3788 w/ 330 Cummins
        Seattle, WA

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          #5
          Originally posted by ksanders View Post
          Perhaps they do not have the disposable income their parents generation had?

          Perhaps even the ones that have the disposable income do not want the huge committment that buying a boat represents.
          Not too sure about that:

          Click image for larger version

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          1995 Bayliner 2452 Mercruiser 5.7L Alpha 1 Gen 2

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            #6
            Originally posted by Fishtank View Post

            Not too sure about that:

            Click image for larger version

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            Something wrong with that graph.

            $44,000 per capata disposable income??? Whatever that graph represents t’s not an average, or it’s not disposable, or neither.

            Isn’t disposable income after taxes, food, housing, etc...??


            KEVIN SANDERS
            4788 LISAS WAY - SEWARD ALASKA

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              #7
              My thoughts exactly...
              This is more like it:

              Comment


                #8
                Figure the cost of owning a modest home VS a small yacht.
                The home will increase in value and the yacht will lose value!
                Pat says: DO-IT-RIGHT THE FIRST TIME!

                Bayliner 3870 "ALASKA33)
                Twin 350 GM power
                Located in Seward, AK
                Retired marine surveyor

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                  #9
                  They are all living at home in daddys' basement.
                  P/C Bob Hicks JN
                  Dock Holiday, 1992 Bayliner 3888 Double Cabin Flybridge Cruiser
                  Twin Hino W04TI 210 HP Diesels with Hurth HSW630A 2.0:1 Trannys
                  Westerbeke 8.0 BTD-614 8KW Genset
                  Avon 9 ft 6 in Tender with a Tohatsu M8B 8HP outboard
                  Currently moored at Stones in Nanamio, B.C.

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                    #10
                    Originally posted by ksanders View Post

                    Something wrong with that graph.

                    $44,000 per capata disposable income??? Whatever that graph represents t’s not an average, or it’s not disposable, or neither.

                    Isn’t disposable income after taxes, food, housing, etc...??
                    You're thinking of discretionary income. Hard to find stats on that, but I think the discretionary data somewhat tells the story that people should generally have at least the same discretionary buying power as the older generation. I just don't think the lack of play money is keeping the young bucks away from buying boats... not that I have the answer.

                    One study/survey I read about a while back said that this younger generation is more willing to spend on experiences vs. things. That seems to be to be sort of a culture shift. They'll pay to spend a week on a yacht but they won't buy one.
                    1995 Bayliner 2452 Mercruiser 5.7L Alpha 1 Gen 2

                    Comment


                      #11
                      Originally posted by ksanders View Post
                      Isn’t disposable income after taxes, food, housing, etc...??
                      No. It's income after taxes, inflation-adjusted.
                      Rafael Figueira
                      1998 Bayliner Capri 1800 LS

                      Comment


                        #12
                        Economist talk about more income these days, they often fail to adjust for cost of living, adult toys these days are very expensive, then consider maintenance.
                        Pat says: DO-IT-RIGHT THE FIRST TIME!

                        Bayliner 3870 "ALASKA33)
                        Twin 350 GM power
                        Located in Seward, AK
                        Retired marine surveyor

                        Comment


                          #13
                          The young adults today do not have the same sense/fear of debt that us older folks did. They are able to borrow much more then they should be able to because the financial institutions feel that they have many years to make enough money to pay it back. Automobiles, followed by multi media devices, seem to be the items of choice.
                          Looking at the cost of getting into boating today, ski boats, wake boats, etc., is just way beyond the means of most young people, and even the banks will not finance something that will loose money as quickly as an expensive boat.
                          Bob Hawes.
                          Kelowna, B.C.
                          1998 Trophy 2052 WA
                          4.3 Vortec, A1 G2

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                            #14
                            Too much college debt and not enough income.
                            Same reason they are not buying homes until their 30’s.
                            Does that disposable income account for student loans?
                            Somehwhere in the last 20 years or so the banks/colleges/counselors started pushing the idea that everyone must have a college degree at whatever cost and tradesmen are deplorable.
                            Reality is a 22yo journeyman plumber or electrician makes more than most 22yo college grads and has no college debt.
                            Esteban
                            Panama City, Panama
                            Former Bayliners 3218, 2859, 2252, 1952
                            Currently looking for 32xx in South Florida

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                              #15
                              Median household income is not going up, only on the highest incomes....

                              https://www.forbes.com/sites/johnmau.../#354993817968

                              Price of boats and boating is outpacing inflation where we are in the NE.

                              Many millennials with good jobs are saving more than the past generation as they figure pensions and SS will not support them.

                              And they do value experiences more than owning objects.
                              Northport NY

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