New consumer research from Ipsos was released March 20, which was commissioned by the Market Expansion Advisory Group.

“Ipsos Insights: Charting a Course for Growth” aims to provide a look into how today’s consumers discover or engage with boating, as well as how the industry can potentially increase participation in the coming years.

Who are today’s buyers?

When looking at customers who purchased their main boat before or after 2020, recent boat buyers differ significantly from established boaters. Their average age is 36, compared to 45 in the years prior to 2020, and they tend to be more diverse and more affluent.

These recent consumers are more likely to have entered the boating category through some form of experiences (i.e., charters, rentals) and adjacent outdoor activities. Engagement with charters and rentals among surveyed buyers rose from 17 percent to in 2020 to 27 percent in 2024.

Recent boaters are more likely to begin their buying journey online first and at a self-directed pace, with heavy use of YouTube/short-form video, online reviews, social media, and manufacturer and dealer sites. That said, boat dealers remain pivotal for credibility, transparent pricing and relationship-building.

How many potential boaters are out there?

The research estimates there are approximately 35 million high-potential new buyers in the U.S., based survey data and an assumed population number of 266,978,268 per 2024 census. A high-potential buyer is a consumer who says they are at least 50 percent likely to purchase a boat in the future.

These prospects have unique motivations and barriers for the industry to consider:

• Cost-conscious: Motivated but concerned about affordability.
• Inexperienced: Have the means but need knowledge and confidence.
• Time-pressed: Interested but unsure they’ll use a boat enough.
• Sales-ready: Ready to move forward with few barriers.

What is holding buyers back?

Cost remains the biggest hurdle for prospective buyers. Their mean income of about $72,500 trails current owners’ mean income significantly.

Greater price transparency, financing options and clear ownership pathways can help reduce these barriers. Lack of knowledge and logistical concerns are the second biggest challenge. Education, onboarding and ongoing support are essential to building familiarity and confidence.