BOSTON - Recreational boating sales are expected to rise to their highest level since 2007 as consumer confidence improves. The increased optimism is reflected in the expanded Progressive Insurance New England Boat Show, which occupies 360,000 square feet at the Boston Convention & Exhibition Center in South Boston through Sunday.
3A Marine has seen an increase in fishing and pleasure boats this year as well.
"Even though everybody has been negatively affected with the economy, I think a lot of people have just decided we're going to live and continue on with their recreation," White said.
Boat sales plummeted 55 percent between 2006 and 2010, according to the Chicago-based National Marine Manufacturers Association. During the same period, used-boat sales declined 7 percent.
The industry's fortunes are closely tied to consumer confidence, which has been improving nationwide and locally.
"When they're feeling good about their job today, they're more likely to make an investment," said Thom Dammrich, president of the manufacturers association.
The group predicts nationwide 2012 sales of new boats and engines at $7.5 billion, up 6 percent from 2011.
Financing options have improved for consumers, said Tom Smith, president of Sterling Associates, a Northbridge financial services company. More local credit unions are offering boat loans, prompting national lenders to lower their rates to compete, Smith said. Average interest rates are just under 5 percent.
"The consumer is in a lot better shape," Smith said. "He has more choices. There are more lenders that have come into the market."
Steve Adams may be reached at sadams@ledger.com.
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