For the surfing industry, the recession has become a matter of sink or swim.

Across Southern California, small surf shops as well as action sports giants such as Quiksilver Inc. are trying to stay afloat as the economic crisis that started on Wall Street makes its way to the beach. With surfers cutting back on new surfboards, wetsuits and board shorts just months before summer, executives and workers at surf goods stores said they were holding their breath.

Industry experts said surf retailers were also vulnerable because of the hordes of casual enthusiasts who have taken up the sport in recent years, boosting sales and turning surf apparel into mainstream fashion. According to the Surf Industry Manufacturers Assn., the industry grew from $6.5 billion in 2004 to $7.5 billion in 2006, the most recent year for which data are available.

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