The Economic Benefits of the Leisure, Superyacht & Small Commercial Marine Industry, 2022-2023
Building upon its annual KPI reports from previous years, this new report offers an insightful overview of the industry's significant contribution to the UK economy, providing detailed analysis and statistics on industry turnover, Gross Value Added (GVA), employment figures, and the balance of trade concerning imports and exports.
It also presents Government statistics covering a range of other economic metrics relating to the financial performance of the UK economy and marine industry, as well as sentiment data derived from national and marine industry business and consumer surveys, monitoring quarterly sales performance, business outlook and business trading conditions.
The report highlights a 12.5% growth in industry revenue, reaching an estimated £4.41 billion for the 2022-23 period.
The industry’s direct workforce has also grown, with the number of full-time equivalent jobs having risen during 2022-23 by 6.6% to 38,336.
Key Points from the report:
- Resilient Growth: The industry has maintained growth amidst high inflation and declining consumer sentiment.
- Economic Impact: The combined economic contribution of the marine industry estimated at £17.38 billion reflects its broad impact on the UK economy.
- Global Demand: Strong export performance, particularly in sailing yachts, rigid inflatables, and luxury motor yachts.
- Domestic Demand: Significant growth in imports driven by robust local demand for various boat types.
- Workforce Development: Growth in full-time equivalent jobs and a surge in apprenticeship starts, emphasising the industry’s role in supporting employment and skills development.
- Rise of the ‘Staycation’: Britons looked to domestic recreation as an antidote to cost of living challenges, seeing tourism grow year-on-year, with coastal charter and passenger boat excursions seeing greatest growth.
British Marine members can access the full 76 page report free of charge.
Non-members can purchase a copy of the report for £500 by emailing info@britishmarine.co.uk