Yacht Charter Businesses in Ocean City Affected by Soaring Inflation Rates | Recent news

OCEAN CITY, Md. — There’s no doubt that inflation is impacting everything from gas to groceries. Some people even take shortcuts on their summer vacation. Boat rental companies are even seeing a drop in sales.

Bayside Boat Rental is one of many boat rental companies in Ocean City. Bayside owner Jackie Cutlip said this summer she’s seen a drop in sales and is making the necessary adjustments to stay afloat.

“Almost everything, in one way or another, COVID has impacted pricing and obviously to stay in business – and stay in business – we need to make some pricing adjustments.”

Inflation rose 9.1% this year, the fastest annual rate in 41 years. These growing numbers aren’t stopping some vacationers like Michael Starr.

“We’ve been doing this for 82′, like the 90s,” Starr said. “We love it, we plan for it, our certain businesses. So getting the boat out is always fun. Getting the kids out and watching them fish is always fun.”

Boat rental companies are also feeling the pinch of inflation in other ways.

“So we’re comparing this year’s numbers to 2019, it’s a bit slower than what we’re used to,” Cutlip said. “But you know gas prices it takes more money to come here from afar. We buy new boats every year. They were almost 30% more to buy a new boat than a few years ago, it’s the same with the Jet Ski.”

And inflation continues to rise The Federal Reserve raised interest rates again on Wednesday in a bid to slow the record rise.

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