Yacht Market Sees Shift as Pandemic Buyers Sell Vessels
The surge in yacht sales fueled by the pandemic is showing signs of slowing down. Many buyers who purchased vessels during the COVID-19 era are now putting them up for sale, leading to a slight drop in prices and a shift in the market.
Pandemic-Driven Sales Now Reversing
During the pandemic, individuals sought alternative travel options, leading to a significant increase in yacht sales. However, as the world returns to normalcy, some of these buyers are looking to sell their yachts and explore other travel options.
Industry Experts Observe Trends
Richard Allen, COO of Simpson Marine, noted a "massive spike" in yacht sales during the pandemic. However, he observed that many of these buyers are now looking to sell their vessels. Paolo Casani, CEO of Camper & Nicholsons, added that the industry saw a doubling of yacht sales in 2021 compared to 2019. This has led to an increase in brokerage activity, with many of these yachts now being put up for sale.
Prices Remain High, Demand for New Builds Strong
Despite the drop in sales, prices remain high, and the demand for new builds is still quite high, particularly in Asia. Some buyers are even upgrading to larger vessels.
Yacht Market Beyond Ownership
The rise of remote work has also led to new opportunities in the yachting industry. Virgin Voyages, owned by Richard Branson, recently introduced a month-long cruise package specifically designed for remote workers, combining work and travel in an unprecedented way.
Yachting Industry's Economic Impact
Despite the challenges, the yachting industry remains a significant contributor to the global economy. The global marine leisure market is expected to reach $46.5 billion in 2027, with significant potential for job creation and tourism revenue.