As Marinescence Media recently mentioned, the movement towards safety and privacy is already bringing benefits for the global yachting industry.
The recent COVID-19 pandemic has surely affected the yachting industry, as several acquisitions and charters failed to complete, causing the business to decline in May / June, according to Caribbean News Global. However, many experts and business owners believe that the post-lockdown period is bringing a lot of hope for the luxury travel industry. Months of lockdown and quarantine period motivated many ultra-high-net-worth (UHNW) individuals to set out for their dream destination thanks to yachting.
Since various industries across the world have started to open up, UHNWs have already started to turn to recreational travels. Compared to common commercial traveling modes and destinations, those individuals are likely to choose options that are less crowded and more private and safe. Distant islands and remote locations are believed to be the next big focus of rich travelers. With these trends, the popularity and demand of yachts is increasing. Floating open, bright, and luxurious interiors are further attracting these individuals to get an intimate travel experience amid the current scenario.
The Superyacht News highlights that yachts will become the only safe and private haven for high and ultra-high-net-worth individuals. As Marinescence Media recently mentioned, this movement towards safety and privacy is already bringing benefits for the global yachting industry.
In addition to the movement of focus towards privacy, safety but also family, these individuals are have also become highly interested in adventure and exploration. According to Wealth X, UHNWs now desires to explore the beauty of the world beyond the French Riviera and the Caribbean, which has led to an increase in the demand for explorer yachts this summer.
Yacht and Yachting, a sailing news network, believes that many of these sailors are waiting for more border reopening and relaxation in travel restrictions to set out on new expeditions, which indicates that another surge in the business will be seen soon enough.
It is going to a while before airplanes, beaches, hotels, and restaurants regain their limelight. Until then, the yachting industry will rule over the global luxury market and travel industry for UHNWs. It is quite likely that the shifting trends towards safer journeys and luxurious adventures will thoroughly change the landscape of business for the yachting industry, once the pandemic situation is over.
- Pierre Souriau, Marinescence Media Co-founder & HOO