I’ve been fishing for about as long as I can remember and it’s provided a lifetime of joy and memories for me and my family…not to mention a few stitches and tetanus shots from errant hooks! Many more folks have gone fishin’ this year as one silver lining on the cloud of 2020 has been a banner year for consumer participation in recreational angling across the U.S and Canada. Sales of fishing licenses, equipment and associated goods have surged in many areas providing a much-needed boost of enjoyment for those in dire need of recreation and an emotional outlet.
The consumer benefits of recreational angling are widely known and yet are currently being experienced for the first time by so many new entrants to the sport. Fishing is inherently fun, relaxing and challenging while offering both emotional (joy) and functional (food) payoffs. More so, it’s on trend as a truly equal opportunity activity in which age, gender, ethnicity or economic means do not determine one’s level of enjoyment and success.
From an economic standpoint, recreational angling benefits from low barriers to entry (for both consumers and producers) while offering progressive levels of goods and services for heavy users and the premium segment of the marketplace. As a result, fishing is big business*.
- About 1 in 6 Americans fish. More people go fishing than participate in golf and tennis combined.
- Children, females and non-white minorities are driving the growth in participation which aligns with demographic trends.
- Recreational angling contributes $115B to the U.S. economy, generates $50B in equipment sales and employs 800,000+ people.
No doubt these industry metrics will rise when the final tally for 2020 is complete. However, these tailwinds should not convey that recreational angling doesn’t have its own set of challenges:
- Angling participation has surged and how will industry leaders capitalize on a generational opportunity to cement bonds with an influx of new anglers? Effective marketing can increase engagement and minimize churn rates but this situation also beckons for strategic research. Understanding the unique journeys of these new customers – their motivations, key moments, pain points, barriers and future intentions – is critical for angler retention.
- From a retail standpoint, out-of-stocks have been a major issue for fishing equipment during 2020 just as with toilet paper, hand sanitizer and other categories. Established supply chains could not fully meet consumer demand, particularly for those reliant on overseas production. Reports are that many companies have caught up with sourcing challenges and will emerge better prepared for future fluctuations in demand. Time will tell.
- Fishing guides, charter boats, destination resorts and their associated businesses have struggled due to voluntary or mandated restrictions on travel within and across state and national boundaries. These small businesses are fundamental to the success of the angling economy. How many will recover after 2020?
The long-term health of recreational angling depends on addressing these issues today. I know that I’m in for the long haul. How many others will be coming along?
Visit www.a-binsights.com or contact me at allen@a-binsights.com to continue the conversation.
*Credits: American Sportfishing Association, Fishing Tackle Retailer. Images by Lorri Lang from Pixabay, Pos, Robert H. USFWS on Pixnio