Consumer buying has decreased for a long time

Luxury boat sales have decreased for at least a year. Maybe this is a good leading indicator!?

Note the comment that people have financed they boats by borrowing against their homes.

SignOnSanDiego.com > News > Business -- Housing slump also scuttling boat sales: "Decline in California mirrors national trend
By David Washburn
UNION-TRIBUNE STAFF WRITER

August 1, 2007


EARNIE GRAFTON / Union-Tribune
A rising tide in real estate earlier this decade lifted the fortunes of many retailers, boat sellers included. But as real estate prices recede, so too do the number of boat buyers.
A rising tide in real estate earlier this decade lifted the fortunes of many retailers, boat sellers included. But as real estate prices recede, so too do the number of boat buyers.

An estimated 58,000 boats will be sold in California this year, not a bad year in the big picture, but 8 percent less than were sold during 2004, when the housing boom was nearing its peak.

“In those years people saw how much equity they had in their homes, and were refinancing and buying luxury items like boats,” said Bob Brown, spokesman for the Southern California Marine Association, which tracks statewide boat sales. “But by 2006, that market had pretty much dried up.”

Sales will drop about 3 percent from last year, according to the association.

In percentage terms, the California drop mirrors a downward trend nationwide. U.S. boat sales are projected to be off between 7 percent and 10 percent from 2004, according to data from the National Marine Manufacturers"

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