Why Millennials are not Buying Boats

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Wifey B: Interesting as it starts out attempting to prove something based on numbers but realizes it's not as it appears.

Young people are not as hung up on "owning." Many choose to rent homes, lease cars and rent boats when needed. Honestly, for the average young person who has little time in a year to use a boat, owning doesn't make sense. Chartering and renting do or just going with others.

Watched a tv show last night called "Unanchored." It focuses on "Bucketlust." Young people who have chosen rather than buy things to have fun when they can and to travel. They've decided to enjoy life, sometimes to the extreme. Decided to focus on fun and pleasure. They charter all the available sailboats somewhere and have an extreme party.

Now, I know young people who save as we did. They don't trust things to be good and want to feel protected. They're not candidates for boat ownership either, more like the rental clubs. They evaluate the cost of ownership vs. number of days used and figure out owning is outrageously expensive.

I don't think the interest in boating is down. :)
 
Most millennials are still living at home and use their parent's boat.


And cell plan and car and insurance and internet and cable and house.
 
alormaria said:
Most millennials are still living at home and use their parent's boat.


And cell plan and car and insurance and internet and cable and house.
Click to expand...

You got any actual facts to back that up? My kids are millenials and neither they or anyone they know fall into that classification. Same with the kids of all our friends of our generation.
 
alormaria said:
Most millennials are still living at home and use their parent's boat.


And cell plan and car and insurance and internet and cable and house.
Click to expand...

Wifey B: NOT! :nonono:

The Millennials I know are hard working and on their own for the most part. :)
 
Many (most) larger (expensive) boats I've surveyed in the last five years have been millenial first time buyers with an inheritance.
 
Am millenial. Own house. Have owned boats. Have been financially independent since graduating college, which I also paid for/am still paying for.
 
I'm a Gen-Xer and my children are Millennials. What's interesting about this article is this statement rang true to me about my children:

"In the 1970s and '80s, if you wanted to go boating, you had to buy a boat," says Ellis. "Generally, the mindset of people in that generation was to own things. This seems almost silly to a millennial. Why would you buy a ski house, when all you have to do is Airbnb it! Same with boats."

While this statement rang true to me about myself:

"We're seeing a culture shift. There seems to be a nexus between sharing economy, tiny homes, hipsters, location-independent income, minimalism. Some people on my website are expressing this new break from the standard American dream through sailing and cruising, especially in older or shared boats, instead of fancy cars or houses."

But I also believe in owning things - even if the thing is a really old boat. Owning a house is making less and less sense to me as we transition from full time parents focused on family and careers to two people who are still young and capable enough to chase adventures who value time and experiences over real estate and titles.

Maybe I'm a weird morph of Gen-X and Millenial, an X-Millenial perhaps?
 
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Very few own Ferraris too. It took well into my 40's to even remotely get a handle on my life to realize boating (and I mean yachting) was even a thing. Be it money, responsibility, life management, free time management, desire for something very few experience... some of these take half a lifetime to learn to deal with to the point where a massive change of lifestyle that boating requires, could be even considered. When I was the age of a millennial, I never would have even considered yachting an option. Our family had a small ski boat... that was the extent of my exposure to it. And my dad never left any expectation for larger boating. And how many young boaters have you ever seen?
 
I agree with Tom B it was not until I was in my 40's when I felt comfortable financially and with family commitments to own a boat. once we paid off the house and had the kids through school we looked at the next adventure and bought our 34. Boating is expensive and trawler life more so, many young people are seeing a higher percentage of their income eaten up by housing and school loans. Even if you buy a inexpensive boat, Marina fees, maintenance and other expenses eat up lots of discretionary income.
 
As a Millenial (hate the word millenial as its usually used in a negative tone) and having been boating since I was about 10, It has always been my passion.

The financial climate has changed dramatically since 2008. Having bought multiple boats in gradually larger sizes has been a trip. It has been horrible and great at the same time.

I would like to think we are well off financially. Have a high paying job in the financial services industry and can pretty much afford all of our toys in cash. Pretty responsible with savings and expenses and have a single digit debt to income ratio. Credit scores in the 800's.

I am constantly met with "no comparable credit history" when we are shopping for loans for our boats. While we can afford in cash, our money is working much harder for us in investments and other financial vehicles. We live in a Tiny House which we built and paid for outright. This gives us the freedom to travel and buy toys without a massive mortgage or rent payment.

This however makes things very difficult with the banks. They don't like that you haven't had a mortgage. Even though your combined available credit on credit cards could buy "the toy" on top of the cash in the bank.

OK, that's enough ranting for now. But point is, even for those ambitious millennials out there that want to break into boating, and have the means, it is very very difficult to do these days when even a simple center console costs bukku bucks. Ofcourse used boats are an option, but a lot of people these days are looking for shiny new turn key. The appeal of an older boat is probably less desirable given that it will require upgrades, work, etc.
 
alormaria said:
Most millennials are still living at home and use their parent's boat.


And cell plan and car and insurance and internet and cable and house.
Click to expand...



I have 2 millennial daughters one is very productive and hardworking the other not as much. I also employ some millennials and I have some really good ones. I don’t think they are a bad generation at all. Probably the same percentage of go getters as the last 2 generations.
 
My wife and I have also observed that younger-age boaters just aren't there in the numbers you would expect. The age group that we see predominantly between Puget Sound and Alaska is older - not all retired but getting close and aspiring to it. Part of it may be related to never fully bouncing back from the recession of 10 years ago. But the economy in Seattle and Puget Sound area has roared back, which should mean lots of interest and the means to buy bigger boats and use them. But that's not happening, at least in demographically significant numbers. Shifting tastes and preferences? Or not enough time to own a bigger boat and use it. Our nephews and nieces who are part of the Microsoft / Amazon / tech culture in Seattle talk about the high salaries being offset by working nights and weekends, and pretty much always being on call. No time for a boat's distraction, or learning how to run and maintain one. Just a theory....my $.02.
 
On the Great Lakes plenty of young people boating. I think it’s more likely that people in Seattle, LA, SFO, NYC, etc. are boating less as they are working crazy hours. And as this is where the publications are written, we have the hand wringing about a lack of young boaters.
 
good point. Btw love the name SeaMoose
 
You can really see some of this if you look at yacht clubs. Some are failing because they have not figured out how to attract the younger crowd. For others the demographic is changing within the club. Most of us in the baby boomer have bigger boats and either covered slips or boat houses. The younger crowd have wake or ski boats or pontoon party boats. I saw this with the Clover Island Yacht Club in Kennwick WA. It was amazing to see. Fun to watch.
 
We have two millennial children - one of each. Both well educated (Amherst, Duke, Ole Miss), married, hard working with good jobs - could not be more proud. Same for all of their friends (except for the one that is still waiting on a miracle:facepalm: ). And both of ours grew up when we had a Catalina 25 sailboat on the large local lake - both loved to sail and be on boats. Fully expect them both one day to be back on boats - including ours:thumb:
 
I agree with the comment about the trend away from owning, and younger people using other methods of gaining use of items. Look at Uber, airBNB etc.
There hasn’t been a big move in the boating industry in this area yet but I for one, would like to see it happen.
Look at all the boats sitting idle in marinas. What a waste of tied up capital. I’d love to see these unloved and neglected boats out on the water being enjoyed by another generation.
 
The percentage of millennials that make wages that support having a boat is less than babyboomers at the same time in their lives. There were many union trades that are gone now. Unions caused non-union competitors to pay near union wages to keep their employees from leaving for a union job. In addition there were more small businesses doing better during my time than there are now. Houses cost a lot more now, taxes are higher. Less money is available to most millennials.
 
"Houses cost a lot more now, taxes are higher. Less money is available to most millennials."

I think on an inflation adjusted basis houses cost about the same for the past 100 years or so. Taxes are the handicap.

My dad was a union plumber in NYC he saved lots of paperwork, in the 1950's he made $75 a week. His take home after taxes (in NYC!) federal tax , SS and union dues was $68 a week.

Think of an individual today making $750 a week $680 take home ?

A long time ago a gent suggested , "If it Flies , Floats or Frolics" its better to rent than purchase.

Todays kids seem to be following that advice.

While yacht clubs are mostly gone , the boat assemblers realize skills are almost non existent so side stick docking can allow a newby to have fun in a 50fter and a 2 week rental..
 
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The boats younger people are buying has changed also. When we were in our 30s, 26’ Carvers, Reinels, Bayliners, Chriscrafts/weekenders were everywhere. Now the center consoles and wake board type boats have seemed to replace those. The dry stack storage facilities are doing great. Look at a sandbar on a Saturday or Sunday when the weathers good.
 
AdmiralS said:
As a Millenial (hate the word millenial as its usually used in a negative tone) and having been boating since I was about 10, It has always been my passion.

The financial climate has changed dramatically since 2008. Having bought multiple boats in gradually larger sizes has been a trip. It has been horrible and great at the same time.

I would like to think we are well off financially. Have a high paying job in the financial services industry and can pretty much afford all of our toys in cash. Pretty responsible with savings and expenses and have a single digit debt to income ratio. Credit scores in the 800's.

I am constantly met with "no comparable credit history" when we are shopping for loans for our boats. While we can afford in cash, our money is working much harder for us in investments and other financial vehicles. We live in a Tiny House which we built and paid for outright. This gives us the freedom to travel and buy toys without a massive mortgage or rent payment.

This however makes things very difficult with the banks. They don't like that you haven't had a mortgage. Even though your combined available credit on credit cards could buy "the toy" on top of the cash in the bank.

OK, that's enough ranting for now. But point is, even for those ambitious millennials out there that want to break into boating, and have the means, it is very very difficult to do these days when even a simple center console costs bukku bucks. Ofcourse used boats are an option, but a lot of people these days are looking for shiny new turn key. The appeal of an older boat is probably less desirable given that it will require upgrades, work, etc.
Click to expand...

AdmiralS,

You're doing things right, unlike the vast majority of Millenial that feel someone else owes them a living.

Don't get too hung up over banks, but if you want to improve your "lend ability", take out a home loan on your house, but use the money to get another house for rental, perhaps with a mortgage and let the banks dollars work for you. There a better ways with seller financing, but won't help your credit.

I'm a fan of not using banks for the most part, and ABSOLUTELY, do not waste money on consumer debt for anything.... cars, boats, etc., only a personal residence where there is some benefit.

Now, if you can make the item revenue producing, different story.

But with all your toys paid for, and the rental house paying your home expenses, you'll be MILES ahead in years to come. Just take a calculator and figure it out.

You're right about Millenials, they do have a bad reputation and from what I've seen I would not likely hire one. Most have earned that reputation.

Best to you.
 
Seevee said:
You're right about Millenials, they do have a bad reputation and from what I've seen I would not likely hire one. Most have earned that reputation.

Best to you.
Click to expand...

They may have a bad reputation to you, but not to many of us. Our CEO is 35, hired at 29. Our COO is 30, hired at 24. Our CIO is 30, hired at 24. For another entity, our CEO and founder is 20, started the business right after turning 19.

Overall at least 60% of all our managers are Millennials. My wife is only 3 years outside being a Millennial. Oh and next year, Millennials will surpass Baby Boomers in number.

As to boat ownership, they're primarily willing to boat with us, except the CEO does own a boat and they'll typically go out in her boat when we're off cruising. However, she bought a boat so the others didn't feel a need even though they love boating.
 
The stat that 4 percent owned in 2005 compared to 2 percent in 2015 is very heavily skewed because of the financial situations of the times,

2005, Boat, RV and “toy” sales were in the stratosphere due to easy money from the housing market. Buying a boat was as easy as signing a second mortgage.

2015 only 3 years past the housing crash and you better have a pocket full of your own gold to buy anything, Boat and toy sales barely starting to recover.
 
I can't to 'Millenials', but I do know that I have friends who have kids who went to the same State College that my wife and I went to. The yearly tuition at that school is so outrageously more than when we went it is unfathomable. The increase is far greater the average cost of living.

We both graduated without any college debt. Not only are more kids graduating with college debt, but the amount of college debt is staggering.

We started boating (overnight) in our mid 30's. It took us roughly 10 years to start finding people our own age out cruising. That is to say, it wasn't until we reached our mid 40's before other's of our age started venturing into boating.

I do see plenty of millennials out boating in day boats. They stern tie to the beach in overloaded boats, drink and party, then go home at night.
 
For a Millennail to buy a yacht would be like voting for Biden or Romney or Clinton.
The Millennaill would vote for Beto or other young runners that recently won the House.

They're not dy'in to tell their friends they just bought a trawler.
 
Larry M said:
The boats younger people are buying has changed also. When we were in our 30s, 26’ Carvers, Reinels, Bayliners, Chriscrafts/weekenders were everywhere. Now the center consoles and wake board type boats have seemed to replace those. The dry stack storage facilities are doing great. Look at a sandbar on a Saturday or Sunday when the weathers good.
Click to expand...

Good point Larry. They also don't feel they need to join a yacht club either.
 
unlike the vast majority of Millenial that feel someone else owes them a living.
Click to expand...

You're right about Millenials, they do have a bad reputation and from what I've seen I would not likely hire one. Most have earned that reputation.
Click to expand...


Complete, utter baloney."Alternative facts" indeed.

I do get sort of a kick about these old fogey threads on forums. I guarantee you every older generation for thousands of years has said the same about the next ones down the line. It's particularly ironic when I hear fellow Baby Boomers say these ridiculous, baseless things. Buncha lazy, acid head pot smoking hippy communists every damn one of them. Or so the old folks said back then.
 
Lepke makes a good point. The percentage of income younger people are paying for housing is a higher percentage than we had, especially along the coasts. The lack of trade jobs and higher costs are also valid. Our society can also support so many Business Degree graduates, and many kids in the US don't want to grind out 4 years in school for a science or engineering degree. That is why we bring people in from other countries to fill these jobs.

Personally, I didn't want to do the boating thing until we had the mortgage and other aspects squared away so my boat was a surfboard. No right or wrong answers here, whatever people are comfortable with.

My wife runs HR for a large corporation, so this topic is in her wheel house. Many of the generalizations about the Mil's and other groups are accurate. But, they also have some positive factors that may surpass us boomers including their desire to work for organizations that contribute to society, environmental awareness, volunteering, etc.
 
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