TCESOX - 5/16/2021 4:07 PM
North of 8 - 5/16/2021 3:34 PM
I think to a degree is was the economic law of substitution at work. For example, cruises to Alaska were almost entirely canceled last year. For a family of four, that translates to at least $10,000 (cruise, shore excursions, flights) that was budgeted but didn't happen. Juneau sees roughly 1 million tourists a year, saw far less than 100,000 last year. Neighbor has a small resort with three lake front cabins. Best year ever, people that might have gone to Europe, Disney World came to northern WI. And they have re-booked this year. No openings from mid June through end of August.
So you didn't go to Alaska, or on that 2 week tour of Europe. Boat looked like a pretty good way to spend that money and have some fun with the family.
Friends had talked to us in late 2019 about a cruise on the Mississippi. For two people with flights, that would have been well over $15,000. I am guessing some who planned that kind of trip bought boats.
This.
If you think about it, those on unemployment
(even with the enhancements
), are not pulling in much more than while working, if that much. They still have rent/mortgages, car loans, utility bills, food for their families. There probably isn't a lot left over for big ticket items. Enhanced benefits might keep some from returning to crappy jobs while looking for better prospects, but I doubt they are buying expensive toys.
The stimulus money, on the other hand, has been used by many, to pay off credit cards and buy toys like TVs, up-grade boat electronics, new trolling motors, etc. Which is what it was intended for - to stimulate spending to keep businesses from experiencing a gigantic loss of business and causing a huge ripple effect in the economy.
Boats, RVs, motor-homes, vacation rentals, and other big ticket items, are being purchased by people who have money, but were going to spend it on other things that came to a screeching halt. These are people who probably spend $20,000 and more, every year, on travel related items, that simply found other things to spend their money on.
