Australian boat industry thriving amidst border closures and snap lockdowns

As Australian states continue to battle Covid-19 outbreaks and enter into short lockdowns, international borders remain firmly shut for travel. With international travel off the table this year, Australians are being encouraged to see the sights closer to home. Boat finance experts, Positive Lending Solutions, reveal that this is causing the boating industry in Australia to experience record high growth.

Positive Lending Solutions report seeing boat loan applications skyrocket in the first few months of 2021. After initially taking a hit at the beginning of the Covid-19 pandemic in 2020, the boating industry is now experiencing a massive recovery as boat sales rise; industry experts report record growth over the past nine months. Similarly, say Positive Lending Solutions, there has been an upward trend in caravan loan applications as Australians seek alternatives to international travel.

Boating has always been a popular pastime in Australia, but this level of growth is unprecedented for the boating industry. Market research reveals that there has been a 50% rise in used boat sales and a 20% increase in new boat sales since 2019. The demand for boat accessories and parts has also shot up by around 20%. Industry experts confirm that it is a very welcome change from the beginning of the pandemic, when sales were at a low.

Boating industry experts report that sales are up across the board with demand for every type of boat increasing: yachts, catamarans, sailboats, and everything in between. However, according to boat makers and sellers, the most popular boat remains the tinny: the humble aluminium boat beloved by many generations of Australians.

Around 75% of boating companies are family owned. These businesses typically hire local employees, creating jobs in small communities. Thus, the profits earned from these increased boat sales go straight back into the pockets of boating businesses and their workers, explains personal loan group Positive Lending Solutions.

As Covid-19 vaccination rates slowly but surely increase, workers in the boating industry are hopeful that it will lead to a further uptick in boat sales.

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