Yacht dealers across the country reported slower sales last month than they did in March 2013, according to boat dealer Denison Yacht Sales, which obtained its data from SoldBoats.com. The industry saw an 8 percent drop in sales, as the number of vessels that changed hands dropped from 2,642 to 2,439 in March 2014.
Even more dramatic was the drop in the value of overall sales, which dropped from $482 million in March 2013 to $268 million in March of this year. That represents a decrease of 44 percent, and it calls into question assumptions that the boat sales industry has been recovering from the recession.
Boating is particularly susceptible to economic downturns due to the fact that they are typically people's hobby, which is more likely to be cut from their budgets if they lose their job or see a drop in pay. Additionally, boats require a lot of maintenance, so even after they're purchased they require spending on the part of the owner.
In addition to economic stagnation, another factor that could be contributing to lower sales is the prolonged winter that much of the country has been dealing with. Many lakes and waterways only recently thawed, and in certain regions there is still regular snowfall that makes recreational boating far less pleasant.
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