Age matters

Jim Nolan runs James Nolan Associates

Data published by KNOEMA on April 16, 2020, stated that “Gen-Z born 2000-2020 (86.40M) has overtaken Millennials born 1982 – 1999 (82.22M) by nearly 4 million to become the largest generation in the United States,” writes James Nolan. “Between them, they total just over 51% of the total population (327.83M). Baby Boomers (68.70M) are the third-largest generation.”

Boating Business reached out to Jack Ellis from Info-Link, who has been monitoring new boat transactions since 1997, to get an idea of buyers’ age and their impact on 2020 new boat sales. He says: “Including tenders and PWC’s, the total number of new powerboats purchased in 2020 was approximately 327,000. Following is the distribution of buyers by generational cohort – Silent 3.1%, Boomers 36.6%, Gen X 40.4%, Millennials 17.9% and, Gen Z 1.9%.”

Ellis added: “Younger generations are our future, but the way they buy boats – assuming they buy boats at all – will be very different than what we’re used to. To attract younger boaters, we are going to have to rethink how we deliver the boating experience. Like many industries, we have been a bit resistant to change, but I’m encouraged by the fact we’re starting to see an increased focus on how our industry can better attract and retain new customers.”

It might literally pay for us to listen to our children.

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