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Potential Sales Surge at 2018 Progressive Insurance Norwalk Boat Show with 50 Percent Tax Cut on Boats in Connecticut

8/13/2018 12:00:00 AM

Norwalk, Connecticut – August 9, 2018 – The 2018 Progressive® Insurance Norwalk Boat Show™, the Northeast’s premier in-water boating event with more than 300 boats for every budget and lifestyle, docks at Norwalk Cove Marina September 20-23, 2018. This year’s Show anticipates a boost in sales due to the recently-enacted Connecticut state budget, which reduces the state sales tax on the sale of new boats, motors and trailers from 6.35 percent to 2.99 percent.

 

“The new tax cut makes this the perfect time to buy a boat in Connecticut,” said Jon Pritko, Show Manager of the Progressive Insurance Norwalk Boat Show. “Boat Show attendees have always enjoyed the best deals of the season, and this news is sure to incentivize boating enthusiasts looking to upgrade to the newest and best in boating. To top it off, shoppers can increase their savings with our new Super Thursday event, which features one-day-only discounts only available at the show.”

 

What’s more, the U.S. boating industry anticipates another strong year of growth and predicts 2018 sales for powerboats to increase by five to six percent. According to the National Marine Manufacturers Association, representing the nation’s recreational boat, engine, and marine accessory manufacturers, the overall growth trend can be attributed to a rise in consumer confidence, strong sales and the introduction of new products and experiences to attract younger boaters.

 

“The close of 2017 marked our sixth consecutive year of growth in new boat sales nationwide, and the second consecutive year of growth in Connecticut,” said Thom Dammrich, NMMA president. “The Connecticut tax cut gives boat lovers one more reason to upgrade or get started in boating following a great summer on the water. Recent tax cuts and caps in major boating states, such as New York and New Jersey, have had a positive effect on sales at Shows in those markets, and we hope to see a similar pattern at this year’s Norwalk Show.”

 

Here’s a look at Connecticut boating by the numbers:

·        Boating sales in Connecticut totaled $170.7 million in 2017 including powerboats, engines, trailers and aftermarket accessories.

·        There were 92,058 boat registrations in Connecticut in 2017.

·        There are 7,313 boating industry jobs in the state of Connecticut (direct and indirect).

·        New traditional powerboat sales in Connecticut increased by 7% in 2017, up for the sixth consecutive year.

·        Boating businesses in Norwalk and the surrounding areas saw an increase of 10.4% in the number of powerboat units sold from 2016 to 2017.

 

Learn more about the Progressive Insurance Norwalk Boat Show by visiting BoatShowNorwalk.com.

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About the Progressive® Insurance Norwalk Boat Show™: The Progressive Insurance Norwalk Boat Show is produced by the National Marine Manufacturers Association (NMMA), the world’s largest producer of boat shows and the leading association representing the recreational boating industry. NMMA member companies produce more than 80 percent of the boats, engines, trailers, accessories and gear used by boaters and anglers throughout the U.S. and Canada. The association is dedicated to industry growth through programs in public policy advocacy, market statistics and research, product quality assurance and promotion of the boating lifestyle. For more information, visit www.nmma.org.

 

About Progressive: The Progressive Group of Insurance Companies makes it easy to understand, buy and use auto insurance. Progressive offers choices so consumers can reach us whenever, wherever and however it's most convenient - online at progressive.com, by phone at 1-800-PROGRESSIVE, on a mobile device or in-person with a local agent.

Progressive provides insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. Home insurance is underwritten by select carriers, including American Strategic Insurance Corp. and subsidiaries (ASI), our majority owned subsidiaries.

Progressive is the fourth largest auto insurer in the country; a leading seller of motorcycle and commercial auto insurance; and through ASI, one of the top 20 homeowners insurance carriers

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, Snapshot® and Service Centers.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at NYSE:PGR.

For Progressive Insurance media queries please contact Julie Kolencik at Julie_Kolencik@Progressive.com,  (440) 395-2019.      

 

 

  

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