7 THINGS TO KNOW FROM THE SUPER YACHT MARKET IN 2017
Things to know from the Super Yacht Market
1- Russian buyers are returning to the market
Although for the past five years there has been a gradual decline in the number of Russian clients adhering to the superyacht lifestyle, this tendency is expected to reverse in 2017. The rising cost of crude oil should boost Russian economy as well as their spending confidence. However, such a change will take effect at a rather slow rate.
2- Asian interest will build gradually
The superyacht Asian industry is surely and steadily developing, though it is still far from reaching its full potential. Significant time will pass until clients will become accustomed to ordering yachts; however this is unarguably the direction the Asian markets follows.
3- The charter market will be the key to attracting new buyers
As a considerable number of potential clients seem to not even be aware
of yachting, many brokerage houses rely heavily on marketing activies and charters to attract newcomers.
The idea is to wet the appetite of new market clients by offering charters and this ignites the desire to purchase. This long-term commitments are regarded as key factors in tackling the challenge of approaching and attracting new audiences.
4- Beach clubs will become a must-have feature
Clients’ wish to enjoy themselves close to the water has led to the ubiquity of superyacht beach clubs even among smaller yachts. This feature has become a must-have element which has also determined numerous superyacht designer to shift towards more informal beach house aesthetics.
5- Political instability leads to last minute charters
With the American election results surprising the world and signs of political instability coming from various other corners of the globe, charter clients have been holding off booking yachts. The desire to see how various political/economic situations turn out along lead to last minute bookings. Further clients have found that booking last minute, as was the trend from 2016, could also mean better deals.
6- Charter customers will explore further afield
Although the stalwart classics of yachting destinations still remain the top destinations, charter clients are again pushing the envelope to more exotic ports of call. The Dalmatian Coast, following an increase from 2016, is yet again for 2017 a highlighted trend. This region offers all the beauty one could imagine for chartering, but in a more relaxed setting compared to the Western Med. Further, clients who normally choose the Caribbean are now venturing to South East Asia in an effort to break the mold of yacht charter itineraries.
7- Shared ownership will remain the exception
The trend, especially among millennials, is in what has come to be known as “shared ownership.” Preferring to experience more and travel further, co-ownership now has crept into the yacht owning world. Despite the trend increasing in some sectors of the economy, such as car sharing, the yacht market has
not taken shared ownership so strongly. Due to the inconveniences and difficulties of multiple owners of one vessel, chartering still very much remains supreme if a client does not want the economic toll of yacht ownership.
8- Market caution is not putting off serious buyers
With the surprise election in the United States and an overall uncertainly in the remainder of the year’s global finances, buyers are certainly more cautious. Finally year end data remains to be seen, but experts suggest that based on early 2017 sales will be steady. Serious buyers looking to purchase will not be put off by the global economic
and political climate, yet those on the fence may choose to finalize their purchase decisions at a later time.