Marine Industry navigates mixed fortunes according to latest British Marine Sentiment Poll

British Marine © British Marine

Recent findings from the British Marine Sentiment Poll* for the fourth quarter (Q4) of 2023 reveal a diverse landscape for the marine industry.

The findings show that 23% of members saw a rise in sales compared to the same period last year, and 57% feel optimistic about their future (+2 percentage points from the last survey in June 2023). However, alongside this 51% experienced a decline, while 26% witnessed no notable change in their sales, highlighting the industry's mixed fortunes.

Key Points from the Poll:

• Sales growth for Q4 of 2023 remains unchanged from the third quarter (Q3) of 2023. During Q3, 24% of members reported an increase in sales, while 52% experienced a decrease in sales.

• Results for both Q3 and Q4 2023 represent a decline on the previous survey, which was run in June 2023, at the height of the boating season. The percentage of businesses reporting a fall in sales has increased, from 39% in Q2 to 51% in Q4 2023.

• These figures are influenced by several factors, not just the challenging economic conditions being faced by businesses due to high inflation, interest rates and declining consumer spending. They reflect the continued normalisation of demand post-pandemic, leading to year-on-year sales declines since 2021, although overall sales still remain at or above pre-Covid levels. The speed of this change in demand has, of course, been shaped by inflation, however, it also follows a natural correction to the inflated consumer spending levels seen during the pandemic.

Despite slowing sales, and considering the mitigating factors mentioned above, the sentiment within the industry remains upbeat. This optimism is fueled by the resilience of sectors like manufacturing, equipment supply, and business services, particularly those catering to broader markets beyond local or domestic confines.

This recent member feedback indicates a polarisation in the industry's fortunes. Boating tourism, boat sales, and servicing are slowing due to economic pressures and seasonal factors. In contrast, sectors not limited to local or seasonal markets, such as manufacturing, business services and sectors supplying the EU and US, continue to show resilience.

"As the recent British Marine Sentiment Poll highlights, it has been a period of mixed fortunes for the marine industry. While some sectors have faced challenges, others continue to show resilience and growth. This diversity reflects the varying impacts of external economic conditions and market shifts. Despite these challenges, there is a prevailing sense of adaptability and cautious optimism within the industry, especially in areas like manufacturing and business services, which have demonstrated notable strength", commented Lesley Robinson, CEO, British Marine.

The full infographic report can be viewed here

*Note: British Marine's Sentiment Poll was run from 7-24 November 2023 and received 175 responses or 19.6% of the total poll sample. Based on a confidence level of 95%, this provides a margin of error for these results of +/-6.70%.

The sample for British Marine's Sentiment Poll includes all eligible companies currently in membership and covers all industry sectors represented by British Marine. This includes boatbuilding, boat sales, equipment supply, marina and boatyard services, boating tourism and related consumer and business services.