DOWN, BUT NOT OUT
A famous boxer once said, “Life is not about how hard a hit you can give—it’s about how many you can take, and still keep moving forward.”
OK, that boxer was Sylvester Stallone’s Rocky Balboa, but that’s how it feels these days. As we go to press with this issue in mid-April, we have all taken plenty of punches. The marine industry has been hit especially hard. Many boatbuilders have temporarily halted production. Engine manufacturers have done the same. Restrictions on travel mean that fishing resorts are shuttered and boats are sitting idle at the docks. No customers also means slashed advertising and marketing budgets, which is not good for the health of the media either. We have all been affected in one way or another.
Let’s take a step back for a moment and look at the marine industry as a whole. Based on statistics from the National Marine Manufacturer’s Association, annual boat sales, marine products and services in the United States totaled $42 billion in 2019, with $3.2 billion of that in Florida alone. Yep, those are billions with a capital B, and it represents a sizable chunk of our country’s recreational expenditures. Of the 35,000 or so companies that make up the marine industry in the US, almost 85 percent are considered small businesses, which are the cornerstone of the American economy. As the first quarter of 2020 drew to a close, our industry was on track to have one of the best years ever: with 48 percent of marine manufacturers reporting modest to substantial growth in sales in the fourth quarter of 2019 alone, and another 24 percent reporting sales that were on par with what they were a year ago. And 38 percent of marine manufacturers reported modest to substantial hiring beyond employee attrition at the end of last year. Then everything went to hell in a handbasket.
Among the hardest-hit were the thousands of charter boats around the world. Many of us had our first offshore fishing experiences on these boats—me included—and most were completely shut down during a time when they should have been booked solid for weeks. With high operating expenses, razor-thin margins and incredibly long hours, it’s a tough business for anyone. So let’s double down and show the charter boats some extra love this year. They’re going to need it.
Hopefully by the time you read this, our economy will have begun its eventual rebound to our once-record numbers. What will the world look like on the other side? Will it be a V-shaped bounce, similar to what occurred after the 9/11 tragedy, or a much slower and more painful U-shaped recovery, as when we rebuilt our national economy after the recession of 2007-2009? My crystal ball is pretty hazy, but I’m willing to bet that we’ll have a relatively quick recovery based on the sheer amount of pent-up desire to get on with our lives and go fishing again.
We’ve taken our hits, and now it’s time to move forward. While I normally dislike the hassles of a super-busy airport, right now I’d happily trade all those foul feelings to be standing elbow to elbow in a crowded departure lounge, having one more overpriced beer before boarding a flight to a place with an insane bite. I hope
to see you there—the first round is on me.