Powersports customers are expected to have more disposable income than in years past that could boost summer sales.
“We have a positive outlook going into the summer,” Travis Wools, vice president of marketing for Protective Asset Protection, told Powersports Finance. “Consumer confidence has remained fairly strong month over month in the past several quarters. The unemployment rate continues to hover down pretty low.”
In fact, the unemployment rate is nearing a 17-year low, dropping to 3.8% in June, according to the Bureau of Labor Statistics. Meanwhile, consumer confidence was at a 17-year high, according to the Conference Board.
Protective Asset Protection, which provides F&I products to automotive and powersports dealers, has also been seeing “slight” increases in household incomes, which had
remained flat since 2008, Wools said.
Those combined factors could show that consumers are getting more comfortable with discretionary spending, a key dynamic for powersports purchases, Wools added.