Miami suffers attendance decline

3:41 AM Thu 19 Feb 2009 GMT

'Miami Boat Show'

A 26 percent decline in attendance at this year's Miami International Boat Show is testament to the recession in the US and global markets, observers say.

The show, 12-16 February, welcomed 96,736 visitors this year, down from 130,496 in 2007, according to show manager Cathy Rick-Joule.

There were about 2,800 new boats on display and more than 1,000 accessories exhibitors. These figures are comparable to last year, though some companies have consolidated and some rented smaller exhibition space, Rick-Joule noted.

The show is run by the Chicago-based National Marine Manufacturers Association (NMMA). Other boat shows in the US are also showing signs of the impact of an economy languishing in uncertainty.

"It seems that a 20 percent decrease is about the same across the board, no matter what market we're in," Rick-Joule said.

New boat registrations from Monroe County to Palm Beach County fell 31 percent in 2008, to 6,602 from 8,558 the previous year, according to Info-Link, a Miami-based marine industry research and consulting firm. In the fourth quarter alone, they were down 34 percent, Info-Link data showed.

The NMMA does not track sales at the show, but, in general, vendors say they expect sales to be lower.

"People are still buying boats, but we've had to lower our expectations to match this environment," Rick-Joule said. "The person who's coming in our door is already financed and already knows what they want to buy."

If there's an exception to the rule, it's in the megayacht category. Boats longer than 75 feet and their ultra-wealthy buyers seem to be less impacted by the recession, Rick-Joule said.

Miami is one of the world’s most important and extensive boat shows. - ..

Frank Herhold, executive director of the Marine Industries Association of South Florida, agrees. "The larger the boat, the stronger the market - and that still remains the same," he said.

by Media Services

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