September 11, 2015
By: Heather Cavey
There are three major demographics that boat manufacturers and dealers should be concerned about. The oldest is the baby boomers, who are around the ages of 51 to 69 in 2015. This generation is the current largest demographic that is buying boats. The middle generation is Generation X, who are around the ages of 35 to 50 in 2015. This group has the largest spending power but is greatly overlooked because they are not a large population. Finally, we have the millennials (also known as Generation Y), who are around the ages of 18 to 34 in 2015. Out of the three groups, this has the largest population. According to data from the U.S. Census Bureau, by the end of 2015, there will be an estimated 75.3 million millennials, which will surpass 74.9 million boomers. Generation X is not expected to surpass the boomer population until 2028.
When the baby boomer population decreases due to deaths, the target market will change to Generation X and the millennials. Experts don’t recommend that manufacturers and dealers wait until that decrease in boomers comes to target those younger generations because it could be too late.
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