Outdoor Recreation & Marine Update — Hardgoods Edition — August 2026

Matrix’s Outdoor Recreation and Marine Investment Banking Group

William O’Flaherty, Managing Director  |  Matt Oldhouser, CPA, Vice President
Hayden N. Daniel, Analyst  | Bing Song Lin, Analyst

View the full Sector Update here.

We are pleased to share our latest Outdoor Recreation & Marine Market Update, which specifically focuses on the outdoor hardgoods industry.

The outdoor recreation industry has proven resilient despite years of economic uncertainty. While many businesses and products have cooled from 2020–2022 peak levels, the underlying consumer base has expanded, diversified and increasingly prioritized outdoor experiences for their physical and mental well-being.

Businesses operating in the industry are competing within a larger and more sophisticated ecosystem than ever before and the overall industry’s outlook remains highly favorable.

In this edition, we explore record participation and shifting demographics in the outdoor hardgoods industry, the growing role of technology and social media in shaping consumer behavior and the rise of experience-led spending. It also covers key market and valuation data, recent M&A activity and a deal spotlight on the Local Boy Outfitters acquisition.