Yacht Industry “Boom”

Regardless of economic background, people of all walks of life appear to be spending more on maritime goods and services than ever before. Europa Marine Consultants looks the sudden “yacht boom”.

The yacht industry market worldwide is projected to grow by £15.4 Billion ($21. 8 Billion) during 2021. The reason for this massive increase in revenue is due to coronavirus travel frustrations and by the strong economic confidence returning globally. Sales of yachts of all sizes have increased by 46%. The National Marine Manufacturers Association in America stated recently that their boat and yacht sales have hit a 13-year high and is increasing.

So, why is there a sudden “boom” in yacht sales and services?
There are a variety of factors that have created the sudden global increase in yacht sales and services. As coronavirus travel restrictions continue to loosen, interest in yacht purchases, services and sailing activity has begun to dramatically increase around the world.

The largest contributor is a by-product of social distancing. People want to be in smaller groups. Yachts create smaller and safe spaces for small groups. People from all walks of life are also wishing to spend more time outside and yachting provides that.

Marketing from yacht services providers and brokers created many discount and deals offers for purchases, services and chartering to lure existing and new customers. These marketing strategies are also responsible for the “boom”.

Deferred charters from last year are now taking place and last-minute bookings for this year have contributed to the increase in chartering.

Finally, the utilisation of advanced structural materials, alternative fuels in the marine industry and the development of customised solutions to yacht designs are also contributing to the dramatic market growth.

Who is buying all the yachts?
From ordinary income people to the super-rich, all want to be part of the yacht industry “boom”. People of modest incomes are buying boats and small yachts to use on rivers, marinas and reservoirs while the super-rich, such as Jeff Bezos and the British Royal Family, are currently building their yachts to circumnavigate the globe.

Regardless of economic background, interest in yacht purchases, services and sailing activity has begun to dramatically increase around the world. Now is the time to be part of the “yacht boom”.