NMMA’s Q1 2020 Marine CEO Sentiment Report, a quarterly survey to assess the state and needs of U.S. marine manufacturing, is now available. As a direct result of the COVID-19 pandemic, a new section of the survey was added to capture specific feedback relating to business impacts – from supply chain disruptions to plant closures and labor separations. This feedback will be used to inform NMMA’s strategic priorities in helping the industry navigate through the current environment. Access the report.
“The recreational boating industry is among the more vulnerable sectors affected by the COVID-19 economic lockdowns, and the longer the shelter-in-place orders are in effect, the longer it will take both businesses and consumers to restart and return to normal activity,” said Vicky Yu, director of business intelligence for NMMA.
Key findings from the Q1 2020 Marine CEO Sentiment Report include:
- 81% of manufacturers reported declines in business overall in Q1, with 54% of manufacturers reporting moderate to substantial declines in sales on what would have otherwise been a positive year for the recreational boating industry.
- 15% of manufacturers have permanently closed facilities or locations.
- 71% of manufacturers are facing supply chain disruptions, as well as increased pricing pressure from dealers who are unable to sell product due to forced retail closures.
The Q1 2020 survey responses were collected in early April; NMMA will continue taking regular pulses and sharing new Marine Pulse reports going forward. NMMA members get free access to these reports; to become a member, visit https://www.nmma.org/membership.