As the world slowly emerges from the grip of the pandemic, some yacht owners are turning their sights back to dry land. The surge in yacht sales that was witnessed during the height of the pandemic is now showing signs of tapering off, with more boats hitting the brokerage market for sale. Richard Allen, the chief operating officer of Simpson Marine, noted that many owners who purchased yachts during the pandemic are now looking to liquidate their assets in favor of other forms of travel. This is a trend that was widely expected, as Paolo Casani, CEO of Camper & Nicholsons, pointed out that yacht sales had more than doubled in 2021 compared to 2019.
Despite the slight dip in sales post-pandemic, enthusiasm for yachting remains high, particularly in the Asia-Pacific region. Prices are starting to adjust downwards from their pandemic-era highs, although they are still relatively high. Casani noted that there is a gap between supply and demand in the market, but he anticipates the prices to continue to decrease gradually in the coming years. In Asia, some buyers are opting to trade up for larger vessels, signaling a growing interest in the yachting lifestyle in the region.
While the Asian yachting market shows promise for growth, there are significant challenges that need to be addressed. Allen and Casani highlighted issues such as complex regulations, visa requirements for foreign boat crews, and high import taxes as obstacles that are hindering the industry’s potential in the region. They emphasized the need for greater collaboration between industry stakeholders and governments to simplify processes and make it easier for boats to move across borders.
Looking ahead, the yachting industry is poised for continued growth and innovation. New forms of ownership models, such as fractional ownership and subscription-based services, are making yachting more accessible to a broader segment of the population. These models are particularly popular in countries like Australia, where they have opened up opportunities for more people to experience the joys of yachting without the hefty price tag of sole ownership. Additionally, industry conferences and initiatives, such as the International Council of Marine Industry Associations (ICOMIA), are working towards addressing key issues like sustainable propulsion and infrastructure development to foster the industry’s growth.
The yachting industry is undergoing a period of transition as it navigates the challenges and opportunities presented in a post-pandemic world. With shifting market trends, pricing adjustments, and a focus on innovation, the industry is well-positioned for continued growth and evolution. By addressing key challenges and embracing new ownership models, the yachting industry has the potential to reach new heights and tap into emerging markets in regions like Asia. As stakeholders work together to overcome obstacles and drive positive change, the future of yachting looks bright and promising for enthusiasts around the globe.