The pandemic era witnessed a significant surge in yacht sales, with many individuals investing in their own vessels for a sense of freedom and exclusivity. However, recent trends suggest that some yacht owners are now transitioning back to land-based adventures. According to Richard Allen, COO of Simpson Marine, there has been a noticeable increase in brokerage activity with boats being sold as owners seek new opportunities for travel.
Paolo Casani, CEO of Camper & Nicholsons, points out that the yachting industry experienced a substantial growth in sales in 2021 compared to 2019. While there has been a slight decline in sales post-pandemic, enthusiasm for yachting remains high, particularly in the new build segment. The brokerage market is witnessing a rise in supply, leading to a decrease in prices, albeit marginally.
In the Asian market, some yacht buyers are not only holding onto their vessels but also upgrading to larger boats. Allen highlights that the boating lifestyle has resonated well with certain individuals in Asia, leading to an increased demand for bigger vessels. Despite the growing interest in yachting in Asia, there are challenges such as regulatory complexities, cultural differences, and infrastructural limitations hindering the market’s full potential.
Complex visa requirements for foreign boat crews and high import taxes in some markets pose significant challenges to the growth of the yachting industry in Asia. Lobbying efforts with governments and industry collaboration are essential to address these issues and streamline the process of importing and operating boats in the region. Organizations like ICOMIA play a crucial role in advocating for the industry and addressing key concerns such as sustainable propulsion and infrastructure development.
Emerging Ownership Models
The concept of yacht ownership is evolving, with newer and more affordable models gaining popularity. Fractional ownership, where individuals purchase a share of a yacht, and subscription-based models are expanding access to yachting experiences. Boat clubs have emerged as a convenient and cost-effective way for individuals to enjoy time on the water without the burden of full ownership, similar to joining a gym or a golf club.
Despite the shifting landscape of yacht ownership, the global marine leisure market is projected to reach substantial value by 2027, contributing to job creation and tourism revenue. The yachting industry serves as a significant economic driver, supporting various sectors and creating employment opportunities. As ownership models continue to evolve and market dynamics shift, the yachting industry is poised for growth and transformation in the post-pandemic era.
Leave a Reply