The first-ever study by European Boating Industry, boot Düsseldorf and others offers a unique insight into how the recreational boating industry in Europe fared in 2020 given the COVID-19 pandemic. The study shows a mixed impact on the industry in 2020 but presents a positive outlook for the future.
Some key findings from the study:
Revenue: A third of companies indicated an increase while more than half recorded a drop in revenues. Companies with their main activity in tourism and production have been hit harder than companies in the distribution sector and service sectors.
Employment: 23% of companies had to lay off employees while 22% increased employment. The impact on employment may be more significant in the long-term.
Future trends: The interest in boating is seen as increasing in the short- and the long-term. Companies increasingly focus on digitalization and partly also on environmental sustainability. However, investments had to be postponed in 2020 due to the pandemic.
Government support: In all countries, governments supported companies in difficulty. Government support however remains necessary on a national and European level with a focus on financial support, effective legislation, and promotion.
Industry outlook: The outlook for businesses in the boating industry is perceived as positive for 2021 with only 23% seeing it as poor.
Philip Easthill, EBI Secretary-General, stated: “It is encouraging to see that our industry has been able to hold up well in 2020 and companies are positive for the future. This shows the resilience of our industry and hard work over the last year. Our industry is clearly very well positioned to take advantage of new consumer trends and benefit in the short- and long-term. Given the impact that the pandemic has nevertheless had, the study clearly shows the importance of effective policy at all levels of government to support recovery and help the industry return to growth in the next years.”
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