Getting Through COVID-19 - Adaptation and Change for the Marina Market
F
or most business owners, 2020 will be remembered as a year they would rather forget. The global coronavirus pandemic hit early on and quickly erased any notion of business-as-usual, sending businesses and market sectors into downward spirals from which they are still trying to recover. COVID-19's economic impact on the recreational boating and marina industries has been mixed. For some owners and operators, the initial slowdowns and losses from lockdowns, shelter-in-place orders, and travel restrictions gave way to unexpected gains that helped salvage what could have been a lost year. Some marinas - and the U.S. boat sales market overall - found new customers during the pandemic and were able to do more than just survive. A key area of future market speculation related to COVID-19 is to what extent the adaptations to it will endure after the pandemic is over. For example, many analysts are predicting that the shift to remote working will remain a permanent part of the employment landscape moving forward. While this kind of forecasting should always be regarded critically, a few COVID- related trends are poised to have a major impact on the marina industry in 2021 and likely beyond.
Growth in Regional Tourism
After weathering the initial shutdowns and operational restrictions, a surprising number of marinas are reporting having a decent 2020 financially. Some, like Temagami Marine in Ontario, are experiencing growth. One of the key factors behind this was the attraction of new customers due to COVID. The widespread cancelling of vacation plans led people to seek safe, outdoor recreational getaways closer to home. Some marinas were in position to
18 Marina Dock Age November/December 2020
WATER MARKS
Navigating the Challenges of Modern Marine Design
By David Lantz
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