Yachts are the quintessential status symbol. Post Pandemic what will change in UHNWIs demand for these toys? Whether real estate or a yacht or a Plan B – are you adapting to this new world?
The Toy of Choice for the Affluent-the Yacht
The Global Yacht Charter Market is forecast to be worth US$ 25.16 Million in the next 6 years.
Who are the biggest yacht buyers globally?
Unsurprisingly Europe is the continent with the greatest appetite for these beautiful symbols of wealth and affluence. Whilst some might assume the North American continent come in seconds, it is Asia Pacific – predominantly Japan – who is the runner up most important buyer in the market followed by N. America.
Over the past decade, it would appear that not only has demand been soaring for yachts, but also for larger, more ostentatious yachts averaging almost 52 m now. The design of yachts has also been advancing exponentially – incorporating helipads, swimming pools, saunas and other quintessential symbols of status.
As with most luxury goods, yachts offer more than a motorized form of water transport, they symbolize a level of power, exuberant (but hopefully tasteful) style and significance on the world stage – which explains why demand for these glorious vehicles has been booming.
The most popular use of yachts now is yacht chartering where they are rented out or chartered for tourism / special events purposes. This has made the smaller yachts more commercialized – accessible and also fuelled the demand in production of this category of yachts.
Not only has interest in yachts – whether for the UHNWI or the once-in-a-lifetime tourist – grown but also for where they are being sailed. Historically yachts were mostly spotted on the Caribbean coast, or on the turquoise Mediterranean – but now they are increasingly found gliding through seas in Asia-Pacific and Antarctica.
Read more: Should HNWIs invest in real estate post-pandemic?
Dutch catering Socially Conscious Super-Yachts for the Super-Rich
In this brave new world – eco efficient super yachts that give cabin fevered HNWIs the liberty to explore again guilt-free post-pandemic, are in high demand. Oceanco is one yacht manufacturer, renown in the luxury market for incorporating sustainable principles with superb technological design. Their yachts include solar, hydrogen, wind and other renewable power systems and have smart insulation and waste technology installed.
Marcel Onkehout, CEO of Oceanco reported. “all {eco-conscious yachts) unique, they each represent the very best of what can be achieved with a forward-thinking approach to modern yacht building.”
That sums up the right attitude for all companies who serve the affluent in these times – a forward thinking approach that caters to the insatiable demand to make this world a better place, as we all emerge from this global crisis.
Companies in every sector have needed to adapt. As we’ve been highlighting through our editorial – the shift towards sustainable and social investing is undeniable.
Whether its Golden Visa projects that are ‘green’ or ‘eco’ as recently suggested by Sara Sousa de Rebolo when discussing Portugal’s future immigration landscape – or the growing demand for Impact Investing – there is an opportunity in every market to adapt and deliver social and eco-friendly solutions to the end-client. Especially when serving the affluent classes, fortunate enough to be able to invest, acquire and spend their funds conscientiously.
