By Jim “Chiefy” Mathie | New Pelican Writer
Skepticism was in the air this past weekend at the 2022 Fort Lauderdale International Boat Show. Coming off of a couple of COVID-infused record-breaking years, the combination of inflation, fuel prices and interest rates, created a lot of uncertainty in this year’s five-day event.
Proclaimed the largest in-water boat show in the world, the event had six venues including the Bahia Mar Yachting Center and the Broward County Convention Center. Last year’s record breaking show saw many boat manufacturers completely sold out while still dealing with pandemic issues of staffing and supply chain issues for parts production.
It seems most of the production issues were resolved this year and the boats were selling . . . with a couple of helpful factors. While not a record-breaking year, the serious boat shopper was leaving with a new boat.
A few things helped this year:
The international crowd was back in full force. Travel restrictions have eased and the worldwide travelers made their way back to the boat show.
Hurricane Ian destroyed a lot of boats on the west coast of Florida and shoppers were looking for their replacement vessels.
Despite high interest rates, folks are buying the South Florida lifestyle.
People are still moving and relocating to sunny South Florida.
According to the press release, the Fort Lauderdale International Boat Show hosted 800 vendors and debuted 30 new vessels. A recent study indicated the 2021 show drove $1.79 billion into Florida’s economy with $24.5 million in sales tax going into Broward County. This five day show is a “huge driver of wealth on a local and state level.”
But there’s a cost.
Most boats were twice the pre-pandemic prices and combined with higher costs for fuel and interest for loans, there’s definitely a return to normalcy. And the hurricane has driven up the cost of boat insurance in South Florida, which is already the most expensive in the United States.
On the lighter side, a lot of people were interested in South Florida’s fashion statement: flip flops and shorts. According to Carly Bandura, co-owner of Pompano-based apparel company Salty Dawgs, “For our first boat show we had a great turnout and a very successful week. We had a blast getting the chance to meet and connect with people from all over and sharing stories, products and content with like minded people with a passion for the ocean. We had so much fun being a part of the FLIBS and are very excited for next year.”
Vinny Hogan of Lobster League Gear was part of The Blue Wild, an ocean expo known for its diving adventure, which was a small part of the boat show. The Oakland Park-based gear company was “selling the lifestyle” including a recently released folding lobster net and apparel. And folks were buying the products as well as the lifestyle.
Fort Lauderdale-based Nautical Ventures had a pool set up in the middle of the convention center showing off the assortment of toys for above and below the ocean. Pompano-based Brownie’s Marine Group was showcasing their underwater blu3, a battery operated compressor that floats at the surface but allows the diver to explore an ocean depth of 10 feet.
Already known for their Brownie’s Third Lung, a gas operated floating compressor, the use of battery operated compressors is making its way into more environmentally sensitive products.
Maybe the economy has temporarily put boat ownership out of reach for some folks, but many people want to be a part of the lifestyle that the boating, fishing and diving industry represents.
Industry experts expect sales to hold up this year as we enter a new normal and we will see what that brings.
But for our local economy, the Fort Lauderdale International Boat Show represents great things both for our business community and the people who live here.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.