Affordability more important than ever
By Jonathan Sweet
September 13, 2013
Filed under Jonathan Sweet
If only the average boat buyer was who many members of Congress think it is, a new report would be great news for the marine industry.
Alas, for most boat dealers Thurston Howell III is not the target customer, so the study showing an increasing concentration of wealth is not a good thing. Analyzing Internal Revenue Service data, economists from the University of California, Berkeley, the Paris School of Economics and Oxford University found that the richest 1 percent controls a larger percentage of the income in the United States since before the Great Depression.
The top 1 percent saw their income increase 20 percent last year, compared to the rest of us, with an average 1 percent increase. Since the recession ended in 2009, 95 percent of the income gains have gone to the richest 1 percent, compared to 45 percent share for the top 1 percent following the early 1990s recession and 65 percent share following the 2001 recession.
There are plenty of other scary numbers in the report, but what it boils down to is that our ability to sell boating as an affordable pastime is more important than ever. We wrote about that earlier this year. Be sure to scroll down to the related articles at the bottom to find some additional advice from dealers.
There are also more resources at GrowBoating.org, including a boat loan calculator and cost comparison tool that you can install on your website.