Blog by Edward Ayres
Should you be inventing boating and water-fun inventions? Yes! There’s no denying the pandemic brought most lifestyles to a halt, but it looks like the virus couldn’t swim because it wasn’t keeping people from going out on the water. While most people couldn’t go into the office, they sure could go boating. And that’s what over 87 million Americans did last year!
Consumers were buying boats and boating equipment, and in such volume that new records were set for the industry. Instead of the ho-hum two percent in sales growth first predicted for 2020, U.S. sales shot up 12 percent to surpass $48 billion. That’s the highest growth rate in 13 years.
This huge number doesn’t even include the sales of personal watercraft like jet skis and small boats. It’s only for boats over 26-feet in length…the big boys! Over 310,000 new units were sold in the single category of powerboats alone, in fact.
While it may be a new year, U.S. sales in this industry are continuing to soar. In just the first quarter of 2021, sales of new powerboats were up 34 percent from the same record-breaking period of 2020. New boats, innovative products, boating accessories and fun inventions will keep propelling these sales.
What else is driving sales? It’s the new and ongoing change in boat purchasers’ demographics.
There’s been substantial growth in younger buyers, according to industry researchers. These new boaters are also more likely to be married and have young children at home when compared to traditional boat owners. So, not only do they buy boats, but they purchase the gear, safety equipment and toys that go with them. Those areas are where independent inventors can capitalize.
Standing out even more, these newer purchasers make a lot of money; in fact, almost two-thirds of them earn over $75,000 a year. That’s 15 percent higher than the average income of this consumer group. This means they can afford their new hobby and all the inventions and innovations that go with it.
Do you have a new product idea for the boating industry? Now, is the right time to launch your boating and water-fun innovations. Inventor Process, Inc. can help you and your invention succeed.