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The Sailing Market 2016
State of the Industry • February 2016
The Sailing Market 2016
State of the Industry
2
We are the sailing division of the Bonnier Marine Group, providing
multi-channel marketing solutions for the sailing industry.
The Sailing Market 2016
State of the Industry
3
We invest in this annual study of the sailboat business in North
America as a service to the industry.
The Sailing Market 2016
State of the Industry
Agenda
◙ 2015 Bareboat Charter Industry Study
◙ 2015 Brokerage Data
◙ 2015 Sailing Participation Data – NEW!
◙ Marketing Intel/Consumer Trends
◙ 2015 North American Import Sailboat Report
◙ 2015 North American Sailing Industry Study
4
The Sailing Market 2016
State of the Industry
5
Without the support and the
participation of over 230 boat builders,
importers and charter companies -- we
would have no data to share, no way to
benchmark our industry. Thank you all!
2016 Bareboat Charter Industry Study
20th Annual Survey 2015 Bareboat Charter Study
6
The Sailing Market 2016
Bareboat Charter Industry Study – 19 Annual Survey
Methodology
◙ Study conducted by independent researcher:
Diane Chase, Market Research Associates
◙ Charter results reflect September 2014- August 2015
◙ Mail/Phone/Email Survey
– 55 active Bareboat Charter companies from our database
– 80% response rate including all market leaders
7 Source: 2015 Bareboat Charter Industry Study
The Sailing Market 2016
Bareboat Charter Industry Study – 19 Annual Survey
95 boats out of service since
2014
Bareboat Chartering Basics
8 Source: 2015 Bareboat Charter Industry Study
► World wide charter fleet decreases slightly, down 95 boats or -3%
► Charter companies report 1142 multihulls, representing 41% of the fleet
2015 2,794
2014 2,889
2013 2,839
2012 3,122
2011 2,700
Number of Boats
The Sailing Market 2016
Bareboat Charter Industry Study – 19 Annual Survey
Bareboat Chartering Up Again, + 7% in Weeks
9
►Still Showing Growth Since 2011, But at a Slower Pace
20,285 19,029
17,869 18,626
21,495
26,442 28,206
2009 2010 2011 2012 2013 2014 2015
Source: 2015 Bareboat Charter Industry Study
The Sailing Market 2016
Bareboat Charter Industry Study – 19 Annual Survey
Fall Winter Spring Summer
2012 2013 2014 2015
Seasons Share In the Gains Equally
10
► All seasons see increased business, no major shifts in seasonality
Spring/Summer 59% Fall/Winter 41%
Source: 2015 Bareboat Charter Industry Study
The Sailing Market 2016
Bareboat Charter Industry Study – 19 Annual Survey
North American Sailors Choose The Caribbean and Domestic
Destinations at the Expense of Mediterranean and Other Locations
11
(000) Weeks
► Caribbean destinations enjoy 9% increase in charter weeks
► The Med and Other Destinations Lose Ground
2011 2012 2013 2014 2015
’14-’15
% Chg
Bahamas/
Caribbean 10.9 12.0 15.0 19.1 20.8 +9%
USA/Canada 6.1 5.4 4.3 4.5 4.9 +9%
Med & Other .9 1.2 2.2 2.8 2.4 -14%
Source: 2015 Bareboat Charter Industry Study
The Sailing Market 2016
Bareboat Charter Industry Study – 19 Annual Survey
Bareboat Charter Weeks Year over Year by Region
12
2013 2014 2015
Northeast/other North America 419 330 343
Chesapeake & NC 535 619 727
Great & Inland Lakes 776 542 554
Pacific NW & CA 2,325 2,639 2,978
FL & Gulf Coast 231 381 348
Pacific Islands/Australia/New Zealand/Indian
Ocean 669 721 839
Bahamas 1,157 1,272 1,401
Virgin Islands & PR 12,301 15,556 16,649
Leeward Islands 675 1,298 1,428
Windward Islands 1,026 1,267 1,398
Mediterranean 1,030 1,318 1,055
Mexico/Other 351 499 486
Source: 2015 Bareboat Charter Industry Study
The Sailing Market 2016
Bareboat Charter Industry Study – 19 Annual Survey
Estimated Value of Bareboat Charter Fees for 2015 Up 7%
13
xxxxx Weeks x $3,500 = $54,000,000
# of Charter Weeks x Average Price $3950 Week = 2015 Market Value
Source: 2015 Bareboat Charter Industry Study
Estimated $111.4 million dollars in basic
bareboat charter fees in 2015 vs. $104 million
in 2014 (not including the Mount Gay!)
The Sailing Market 2016
Bareboat Charter Industry Study – 19 Annual Survey
Key Charter Market Findings
◙ Bareboat chartering reports its 5th straight year of growth. Charter
weeks out of the North American source market total 28,206, up 7%
over 2014.
◙ Charter fleets down slightly, losing 93 boats. Fewer boats and growth
of weeks means better utilization. “There is no slow season any more.”
◙ Multihulls are now reported to be 41% of the bareboat charter fleets.
◙ North American destinations gained market share as US consumers
show concerns about safety abroad.
◙ The Caribbean continues to be the favorite destination for North
American sailors, taking 74% of bareboat weeks
◙ Estimated base bareboat fees in 2015 topped $111 million, reflecting
charter week gains, and increasing prices due to more cats in the
fleets.
14 Source: 2015 Bareboat Charter Industry Study
Sailboat Brokerage Data 2015 Sailboat Brokerage Data
15
The Sailing Market 2016
Sailboat Brokerage Data
Sailboat Brokerage Sales 2015
◙ Data provided by YachtWorld, compiled from reports of YachtWorld
member brokerages in SoldBoats.com.
◙ US sales data for calendar years 2012 through 2015.
◙ Our thanks to YachtWorld and Dominion Marine Media.
16
The Sailing Market 2016
Sailboat Brokerage Data
2015 Sailboat Brokerage Sales in the US, in Units
<26’ 26’-35’ 36’-45’ 46’-55’ 56’-79’ 80’+ Total
2015 497 2452 2030 335 49 4 5367
2014 516 2513 2074 340 54 6 5503
2013 524 2721 2111 335 52 9 5752
2012 595 2603 1924 279 51 4 5456
Change 2015 - 2014 -4% -2% -2% -1% -9% -33% -2%
17 Source: YachtWorld
Unit brokerage sales down slightly across the board, most
notable dips for segments over 56’. 4 year trend shows
stability in the range of 5400-5500 units annually.
The Sailing Market 2016
Sailboat Brokerage Data
2015 Sailboat Brokerage Sales in the US, Average # Days to Sale
<26’ 26’-35’ 36’-45’ 46’-55’ 56’-79’ 80’+ All Sizes
2015 295 283 307 422 656 1022 306
2014 258 269 327 419 663 699 304
2013 233 261 317 389 666 313 290
2012 249 270 313 467 650 873 297
Change 2015 - 2014 +15% +5% -6% +1% -1% +46% +1%
18 Source: YachtWorld
Average time on the market increased across the board except
for the mid range, 36’-45’ boats
The Sailing Market 2016
Sailboat Brokerage Data
2015 Sailboat Brokerage Sales, Average Value of Units Sold
2013 2014 2015 % Change YoY
<26’ $13,429 $14,575 $14,468 -1%
26’-35’ $38,242 $39,363 $38,445 -2%
36’-45’ $107,524 $108,850 $102,355 -6%
46’-55’ $227,458 $232,978 $213,175 -8%
56’-79’ $413,065 $397,275 $550,369 +40%
80’+ $4,757,741 $5,140,956 $2,441,865 -52%
Total $83,201 $84,264 $77,769 -8%
19 Source: YachtWorld
Brokerage boats lose some ground in terms of average value, except
for the 56’-79’ size segment. Overall decline in average value driven
largely by huge price drop in 80’+ units.
The Sailing Market 2016
Sailboat Brokerage Data
2015 Sailboat Brokerage Market vs. Total Brokerage Market
2012 2013 2014 2015
Sailboats Sold 5,456 5,752 5,503 5,367
All Boats Sold 29,817 31,652 30,191 30,013
Sailboats Days on Market
297 290 304 306
All Boats Days On Market
262 260 269 263
20 Source: YachtWorld
Sailboats consistently represent about 18% of the brokerage units
sold annually in the US, and they are generally on the market 35-40
days longer than the national average.
The Sailing Market 2016
Sailboat Brokerage Data
Key 2015 Sailboat Brokerage Data Findings
◙ Unit sales were flat, off 2% to 5367 units from 5503 in 2014.
◙ Average # days on the market increased 1%, from 304 days in 2014
up to 306 days in 2015.
◙ The average sale price for all brokerage sailboats was off 8% in
2015, driven by a 52% drop in the value of boats over 80’.
◙ Sailboats represent about 18% of all brokerage boats sold in the
US, averaging 5400-5500 units per year vs. the average annual
total of 30,000 units per year.
◙ Sailboats are on the market longer than the average of all
brokerage boats, 35-40 days longer.
21 Source: YachtWorld
Sailing Participation
The Sailing Market 2016
State of the Industry
Sailing Participation Data
◙ Source: SFIA, Sports & Fitness Industry Association
◙ SFIA produces about 100 annual reports on sports
participation, everything from cheerleading to wrestling. They
track several water sports, including fishing, diving, windsurfing,
wakeboarding etc.
◙ Only national data available on sailing participation.
◙ These figures are from their 2015 report.
23
The Sailing Market 2016
State of the Industry
Sailing Participation Data
◙ 3,924,000 sailing participants in the US.
(sailed 1+ times per year)
◙ 2,699,000 “casual” sailing participants
(sailed 1-7 times per year)
◙ 1,225,000 “core” sailing participants
(sailed 8+ times per year)
24
Source: SFIA Sailing Sports Participation Report
The Sailing Market 2016
State of the Industry
Sailing Participation Trends
◙ 3,924,000 total sailing participants 2014
◙ 3,915,000 total sailing participants 2013
◙ 3,841,000 total sailing participants 2012
◙ 1,225,000 “core” sailing participants 2014
◙ 1,233,000 “core” sailing participants 2013
◙ 1,276,000 “core” sailing participants 2012
25
Source: SFIA Sailing Sports Participation Report
The Sailing Market 2016
State of the Industry
Sailing Participation Trends (in 000’s)
26
Source: SFIA Sailing Sports Participation Report
0
1000
2000
3000
4000
2012 2013
2014
Core Participants
All Participants
The Sailing Market 2016
State of the Industry
Sailing Participation By Region
27
Source: SFIA Sailing Sports Participation Report
Region Total Sailors Casual Sailors Core Sailors
New England 332000 212000 123000
Middle Atlantic 729000 542000 170000
East North Central 515000 316000 209000
West North Central 87000 64000 22000
South Atlantic 833000 552000 292000
East South Central 134000 77000 58000
West South Central 339000 238000 102000
Mountain 204000 153000 47000
Pacific 751000 546000 202000
The Sailing Market 2016
State of the Industry
Sailing Participation By Region (in 000’s)
28
Source: SFIA Sailing Sports Participation Report
Marketing Intel
Marketing Intel and Trends 29
The Sailing Market 2016
State of the Industry
30
2016 North American Consumer Trends
Source: Mintel
The Sailing Market 2016
State of the Industry
31
Outlook for 2016 – Affluents
Source: The IPSOS Mendelsohn Affluent Survey
Affluents still want to spend more time with
family
They still want to indulge in special
vacations or experiences
Luxury interests are trending up, desire to
splurge on themselves and their loved ones
Affluent goals have broadened, they still
want personal growth, to do more, do better,
live better
“Divergent Optimism” - Their primary drive is
looking for personal satisfaction despite an
uncertain world.
North American Import Sailboat Report
15th Annual Survey
32
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
Survey of Imported Sailboats to North America
33
• Data reported for 70 active importers
• 88 % participation
• Major importers included in results
Mail / Phone /
Email Survey
Source: 2015 North American Import Sailboat Report
* Also includes importers who did not import any sailboats in 2015 but reported importing sailboats in previous years
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
Sailboat Builders Worldwide Aim at the US Market
34 Source: 2013 North American Import Sailboat Report
France
Argentina
Finland
Germany
Sweden
United Kingdom
Poland
Turkey
Denmark
Taiwan
South Africa
Italy
China
Australia
Dubai
Slovenia
2015 IMPORTS CAME FROM 16+ COUNTRIES
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
Imports Declined in 2015, Off Slightly 6%
35
Units 2013 2014 2015
Unit Change 2015 vs.
2014
% Change
2015 vs.
2014
Under 20’ 241 613 517 -96 -16%
20’- 35’ 101 96 122 +26 +27%
36’- 45’ 93 95 132 +37 +39%
46’ or more 109 143 117 -26 -18%
Total
Imports 544 947 888 -59 -6%
Source: 2015 North American Import Sailboat Report
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
358
240 190
236 195
303 334
371
2008 2009 2010 2011 2012 2013 2014 2015
Imports Over 20’ Into North America Up 11% in 2015
36
► After a 10% increase in 2014, importers rack up another 11% gain in 2015
+37 units Imported Sailboats 20 feet and over
Source: 2015 North American Import Sailboat Report
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
Over 20’, Mid Size and Large Boats Lead The Way
37
Units 2011 2012 2013 2014 2015 Unit
Change vs. ’13
20’- 35’ 55 32 101 96 122 +26
36’- 45’ 109 89 93 95 132 +37
46’ -59’ 66 72 102 134 98 -26
60’+ 6 2 7 9 19 +10
Source: 2015 North American Import Sailboat Report
Correction in the 46’-59’ segment after a strong showing in 2014
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
Larger Multihulls Down 2015 vs. 2014, Off 14%
38
► Multihulls Represented 16% of All Imports in 2015
Imported Multihulls 20 feet and over, Units
113
63
101
68
105 99 85
2009 2010 2011 2012 2013 2014 2015
Source: 2015 North American Import Sailboat Report
- 14 Units
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
Importers, Like Domestic Builders, Had Projected
Strong Growth in 2015, +25%
39
2014
Actual
2015
Forecast
2015
Actual
Under 20’ 553 766 517
20' - 35' 96 134 122
36‘ - 45’ 95 138 132
46' or more 143 145 117
Total 947 1183 888
Source: 2015 North American Import Sailboat Report
Importers Missed Their Forecast By 25%
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
Importers Forecast Strong Growth in 2016, Projecting +24%
40
2014
Actual
2015
Actual
2016
Forecast
Under 20’ 553 517 684
20' - 35' 96 122 143
36‘ - 45’ 95 132 158
46' or more 143 117 116
Total 947 888 1101
Source: 2015 North American Import Sailboat Report
The Sailing Market 2016
North American Import Sailboat Report – 15th Annual Survey
2015 Import Study Observations
41 Source: 2015 North American Import Sailboat Report
Imports overall were down 59 units to 888 units in 2015 for a
modest decline of 6%.
Imports under 20’ drove the decline, off 16%.
Imports over 20’ were up 11%.
Imported multihulls were down 14 units and 14%. Multihulls
accounted for 16% of all imports in 2015.
Importers missed their 2015 forecasts by 25%.
Importers are once again projecting a strong year in 2016, looking
for 24% gains.
North American Sailing Industry Study
28th Annual Survey
42
The Sailing Market 2016
State of the Industry
Methodology & History
◙ Mail/Phone/Email Survey
– 1988 – 1993 International Marine Industries
– 1994 – 1997 The Sailing Company, New York Times
Magazine Group
– 1998 to 2012 The Sailing Company, Rick Walter
Market Research Associates
– 2013 to present The Sailing Company, Diane Chase,
Market Research Consulting
◙ 92 out of 105 North American builders that were contacted
responded and provided their production data; including market
leaders; 88% response rate
43 Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
139 131 113
104 97 99 92
2007 2009 2011 2012 2013 2014 2015
# of Active North American Sailboat Builders
44
The market continues to take a toll on domestic sailboat builders.
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
3,000
1,950 1,569 1,531 1,396 1,432
1,073
2007 2009 2011 2012 2013 2014 2015
Number of Fulltime Employees Building Sailboats
Takes A Major Hit, Off 25% in 2015
45
• 51% have 10 or less employees
• 70% have less than 25 employees
Company Size in 2015:
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
11,427
7,076 6,492 6,321
6,963 6,078
7,115
5,226
2008 2009 2010 2011 2012 2013 2014 2015
Domestic Sailboat Production Finds a New Low –
Off 27% in Units
46
► Total North American production decreases by 1889 sailboats
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
Once Again, Sailboats Under 20’ Swing The Market – They Led
The Rebound in 2014 and They Cause The Crash in 2015
47
Small
Sailboats 2013 2014
‘13-’14
%
Change
2014 2015
‘14-’15
%
Change
11‘ and
under 1,150 1,483 +29% 1,483 1,438 -3%
12' - 19' 3,764 4,792 +27% 4,792 3,142 -34%
Boats under
20’ 4,914 6,275 +28% 6,275 4,580 -27%
Source: 2015 North American Sailing Industry Study
Sailboats Under 20’ Make Up 88% of The Market, the same as in 2014
The Sailing Market 2016
State of the Industry
Sailboats Over 20’ Are Off 23% in 2015,
Following A 28% Hit in 2014
48
Sailboats 20 feet and over
- 194 units
We can’t climb back up to the 1000 unit threshold after holding there for 5
years in 2009-2013
2,267
1,021 1,163 1,043 1,086 1,164
840 646
2008 2009 2010 2011 2012 2013 2014 2015
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
Breaking Out The Segments Over 20’
49
Sailboats
Over 20’ 2010 2011 2012 2013 2014 2015
’13-’14 %
Change
20’-29’ 521 422 496 637 385 283 -26%
30’-35’ 193 215 204 167 138 141 +2%
36’-40’ 256 273 184 178 202 108 -46%
41’-45’ 104 75 154 146 111 97 -13%
46’-59’ 81 52 41 28 18 10 -44%
Boats 60’+ 8 7 7 8 5 7 +40%
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
Combining North American Production with Imports
in the Heart of the Market, 30’-59’
50
Sailboats
30’ – 59’ 2011 2012 2013 2014 2015
Change
2015 vs.
2014
North
American 615 583 519 469 215 -54%
Imports 204 172 230 276 230 -17%
Total 819 755 749 745 445 -40%
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
51
0
200
400
600
800
1000
1200
1400
1600
1800
2008 2010 2012 2014 2015
Imports
Domestic
Combined Domestic Production and Imports, 30’ to 59’
For the first time imports outsell domestic built boats in units in the
heart of the market – 230 imports vs. 215 domestic.
The Sailing Market 2016
State of the Industry
Domestic Multihull Production Improves –
At Least One Bright Spot!
52
Multihulls represented 20% of overall domestic production in 2015 - one in
five sailboats built in North America was a multihull
Multihulls 2011 2012 2013 2014 2015 ’14-’15
% Chg
Under 30’ 1,139 1,210 1,177 990 1010 +2%
Over 30’ 42 18 49 21 36 +71%
Total 1,181 1,228 1,226 1,011 1,046 +3%
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
Estimated Value of 2015 North American Sailboat Production is
$182 Million, Down 26% From 2014
53
11 feet or under $3,900 1,438 $5.6
12’ - 19’ $11,500 3,142 $36.1
20’- 29’ $55,000 283 $15.6
30’ - 35’ $215,000 141 $30.3
36’ - 40’ $299,000 108 $32.3
41’ - 45’ $450,000 97 $43.7
46’ or more $1,100,000 17 $18.7
Category Est. Value # of Boats $ Millions
Source: 2015 North American Sailing Industry Study
Estimated Retail Value Decreases Due to Decline in Larger Boats
The Sailing Market 2016
State of the Industry
North American Builders Predicted Solid Gains in 2015, But The
Reality Was Very Different
54
2015
Forecast
Predicted
Increase
vs. 2014
2015
Actual
Actual
Change
vs. 2014
0' - 19' 7,337 +17% 4,580 -27%
20' - 35' 696 +38% 424 -19%
36' or more 339 - 222 -34%
Total 8,372 +18% 5,226 -27%
Smallest swing in large boats over 36’
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
North American Builders Are Once Again Optimistic About Next
Year, But More Cautiously So -
55
2015 Actual 2016
Forecast
Projected
Change
0' - 19' 4,580 4,964 +8%
20' - 35' 424 517 +22%
36' or more 222 239 +8%
Total 5,226 5,720 +9%
Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
Study Observations
◙ North American sailboat production was off 27% in 2015, hitting a
new baseline of 5,226 units.
◙ Small boats under 20’ drove the decline, off 27% and nearly 1700
units.
◙ Boats over 20’ also took a significant hit, off 23% following a 28%
decline in 2014.
◙ There were two size segments which posted gains in 2015. Boats
30-35 feet were up 2%, and boats over 60’ were up 40% on the
strength of two additional units.
56 Source: 2015 North American Sailing Industry Study
The Sailing Market 2016
State of the Industry
Study Observations
◙ Multihulls were another bright spot in 2015, gaining 3% in unit
production and once again comprising 20% of domestic sailboat
production.
◙ The estimated retail value of sailboats produced in North America
followed the unit decline and was down 26% to $184 million in 2015.
◙ North American sailboat builders had been very bullish on 2015,
predicting an +18% growth in 2015. The sobering reality of a 27%
decline has encouraged much more cautious optimism for 2016 –
where they predict a more moderate increase of 9%.
57 Source: 2015 North American Sailing Industry Study
Looking to 2016
Where are We Headed?
The Sailing Market 2016
State of the Industry
2016 Sailing Outlook
◙ Presidential election
gives consumers the
jitters.
◙ Stock market
sputters in 4th Q
2015 and 1st Q
2016.
◙ Global terrorism,
ISIS, refugee crisis.
59
◙ Positive economic
fundamentals
◙ Consumer confidence
near record highs
◙ Affluent trends and
mindsets favorable for
sailing
◙ Olympics, and the 2017
America’s Cup will keep
sailing on the front page
Challenges Opportunities
If we can sustain the market and work together to
grow the sailing lifestyle there are positive trends
toward a bigger and better future!
The Sailing Market 2016
State of the Industry
For More Information Contact:
60
Sally Helme
Cruising World & Sailing World
55 Hammarlund Way
Middletown, RI 02842
401-845-4405
61
The Sailing Market 2016
State of the Industry • February 2016