May/June 2019 Marine Fabricator - 6
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Don't miss
this valuable
report!
2019 STATE OF THE INDUSTRY
by Jeffrey C. Rasmussen
Editor's Note:
IFAI's comprehensive
market research
report is available
for purchase.
For more details,
visit www.ifai.com/
marketresearch.
Continued growth for the
marine industry in 2019
I
FAI's market research shows that
economic growth in 2018 increased
in the United States, but it was down in
growth in the marine fabric market,
other advanced economies such as
averaged 130.2 in 2018, which was almost
Canada, Japan, and Europe, as well
10 points higher than the 120.4 figure in
as in the emerging economy of China.
2017. This growth is expected to continue
Global growth (GDP) is projected to be
into 2019-aided by a projected 17
3.7 percent in 2019, as it was in 2017
percent decrease in oil and gas prices
and 2018. The U.S. economy is above full
compared to 2018.
employment and consumer confidence
ing prosperity, future challenges include
2019, consumers see a stronger economy
solving the aging out of the boating popu-
than do businesses; however, both believe
lation. The average age of a boat owner in
the economy has room to grow. Several
2017 was 56, compared to 49 in 1997. The
developments in 2018 helped to support
U.S. marine industry must create ways for
growth in the marine fabric market:
attracting a new generation of loyal boat-
* A sunny and warm summer, which
ers. Some ways to do this include:
* A stronger job market-average
unemployment rate of 3.9 percent in
2018 vs. 4.4 percent in 2017.
* A consumer confidence index
MFA member how-to videos at:
www.marine.ifai.com/
resources/videos
6 Marine Fabricator | May/June 2019
While the boating industry is experienc-
in the U.S. is at a 17-year high. Entering
helped to bolster boat sales.
NEW TRAINING TOOL:
The Conference Board's consumer
confidence index, a key barometer for
* Focusing on building a pipeline of future
customers such as the U.S. Hispanic
population and tech-savvy millennials.
* Making customer recruitment efforts a
top priority.
averaging 130.2 in 2018; in general, an
* Offering affordable products to market
index above 90 correlates to increased
segments who are sometimes priced
consumer spending.
* Consumer spending of 2.7 percent;
out of new boats today.
* Focusing on sustainability and cutting-
consumer spending is expected to be
edge technologies, which are important
3.0 percent in 2019.
to the customer of the future.
http://www.ifai.com/
http://www.marine.ifai.com/
May/June 2019 Marine Fabricator
Table of Contents for the Digital Edition of May/June 2019 Marine Fabricator
May/June 2019 Marine Fabricator - Cover1
May/June 2019 Marine Fabricator - Cover2
May/June 2019 Marine Fabricator - 1
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May/June 2019 Marine Fabricator - Cover3
May/June 2019 Marine Fabricator - Cover4
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