All aboard a new era in yacht chartering
calendorFebruary 14, 2022
All aboard a new era in yacht chartering

The demand for yacht charter has increased significantly over the last few years. The observable rise in the wealth of people has significantly contributed to the demand. Thus, increasing disposable income of the individuals is anticipated to have a positive influence on the global market. 

The emergence of High Net Worth Individuals (HNWI’S), the primary customer base, has increased nearly 2% since last year.

Moreover, it has been observed that yacht chartering is very popular among the younger generations. Scores of young high net worth customers prefer celebrating events such as weekend parties, birthdays and anniversaries on chartered yacht as vacations. This market in particular is largely driving the digital yacht chartering experience, which, in itself, has transformed the yacht charter business completely. People want a seamless online experience with superior user interface to remove the up-till-now heavily siloed, often manual, systems.

These interest hikes are impacting the market positively, with some predictions stating that the luxury yacht charter industry will outperform most other areas of the tourism industry. Also, the growing trend of luxury travel is expected to create growth opportunities for the global market in the near future.

Another factor is the rising number of promotional events, with companies and brands drawn by the allure of presenting themselves as luxurious, or at the very least, something out of the ordinary. 

Currently, offline yacht charter bookings are substantially high. However, increasing online portals have proven to be a beneficial platform across the globe. Factors, such as ease of checking availability and booking yacht online through online platforms are anticipated to attract a higher number of customers during the forecast period. 

Crewed charter contract type emerged as the leading segment from around 2019 onwards, accounting for over 70% revenue share. The yacht crew is a crucial element in making a good holiday to a vacation, of which customers talk about forever. 

In certain European countries, 79-ft (24-m) is the cutoff point above which it is mandatory to have a permanent crew on board, therefore demand for a yacht longer than 79ft will also boost the segment growth. The rising popularity of yacht booking for corporate and anniversary parties is expected to boost the demand in the near future.

Shifting preference towards marine tourism and voyages has also fueled the demand for the crew that is familiar with the navigational routes. Additionally, the crew is also required on yacht for technical maintenance such as engine oiling and other system inspections for the smooth functioning of the vessel systems. 

Furthermore, high-net-worth individuals are squeezing in more travel itineraries into shorter time frames. High preference for spending quality time during a short vacation in exceptional and remarkable accommodations has increased the adoption of crew-yacht over the years.

 

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Luxury yachts are changing the way we holiday
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