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Survey reports marine CEOs Q1 sentiments, impact of COVID-19 on business

May 6th, 2020 / By: / COVID-19, Industry News

The National Marine Manufacturers Association (NMMA) Q1 2020 Marine CEO Sentiment Report, a quarterly survey to assess the state and needs of U.S. marine manufacturing, is now available. As a direct result of the COVID-19 pandemic, a new section of the Survey was added to capture specific feedback relating to business impacts–from supply chain disruptions to plant closures and labor separations.

Key findings from the Q1 2020 Marine CEO Sentiment Report include:

  • 81% of manufacturers reported declines in business overall in Q1, with 54% of manufacturers reporting moderate to substantial declines in sales on what would have otherwise been a positive year for the recreational boating industry.
  • 15% of manufacturers have permanently closed facilities or locations.
  • 71% of manufacturers are facing supply chain disruptions, as well as increased pricing pressure from dealers who are unable to sell product due to forced retail closures.

The Q1 2020 survey responses were collected in early April; NMMA will continue taking regular pulses and sharing new Marine Pulse reports going forward. View the report here.