Despite the Greek debt crisis and ongoing tensions with Russia over Ukraine, Germany’s leisure marine firms ended 2014 on a relatively upbeat note. Sales of marine goods and services, excluding superyachts, were up by 1.7% to $1.77bn compared to the previous year, with all sectors of the market – new and used yachts, nautical equipment, repairs, maintenance and other services – reporting growth. The only exception was the diving sector, where sales of related equipment continued to be impacted by political unrest in Europe’s top diving destination, Egypt.
According to German watersports association BVWW, success is largely down to the strength of the national economy. Low unemployment combined with rising wages, minimal inflation and low interest rates on savings has encouraged Germans to spend, and many are throwing caution to the wind and investing in luxury items such as yachts.
Note: This is an excerpt of the latest report on the German market published in the April/May 2015 edition of IBI magazine. IBI Plus subscribers can download the full report from IBI Plus website.