While the price of a personal watercraft (PWC) has historically hovered around $10,000, in recent years companies have begun offering less expensive, basic units to appeal to millennials and budget-conscious consumers.
There is a new movement in PWC ownership called Rec Lite, reports The Freedonia Group. Rec Lite models are lighter weight vessels with less power and a lower price point. They are also favored for their ability to do tricks.
Demand for personal watercraft is forecast to grow 3.1% per year through 2022, reaching $700 million. In volume terms, demand for personal watercraft is expected to advance 4.9% annually, reaching 80,000 units in 2022. Growth will be supported by the expansion of the Rec Lite movement. Although these units have lower horsepower, they are more affordable and lighter than more advanced models, which allows the PWC to be easily towed and stored. The price point of all PWC is often times a selling point for the vessels. Consumers looking to be on the water with minimal maintenance and related costs seek out these units.
Additionally, a variety of other factors will support value gains for PWC, including:
- vessels with more powerful engines, some up to 300-horsepower (hp)
- added features
- more units with better handling
Last month, according to AudienceSCAN, 57.4% of Boat/Watercraft Shoppers used the internet to search for a product they were considering. And as The Freedonia Group points out, Rec Lite shoppers love a good deal. Within the last month, 39.3% of Boat/Watercraft Shoppers used the internet to look up coupons and discount codes and, within the last six months, they've purchased at least four daily deals on sites like Groupon and Living Social. Additionally, last year, 70.7% of these consumers took action after receiving ads and coupons via direct mail.
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on boat/marine products dealers, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.