Millennials’ New Definition of Luxury to Trigger ‘Smooth Sailing’ for Yacht Charter Market
The global market for yacht charters is mainly riding on the coattails of increased disposable income of consumers and the millennial generation’s changing definition of luxury. The unique character traits of millennial buyers, which include highly adventurous, financially frugal, and environment-friendly, make them the target consumers in the yacht charter market.
High purchase capital and extravagant cost of ownership of yachts is pushing cost-conscious millennials towards the more cost-effective option of yacht charters. Instead of buyouts, young consumers are preferring to charter a yacht for a luxurious adventure, and this is contributing to the growth of the yacht charter market. Furthermore, consumers looking for luxury and comfort on their travel are shifting their preferences from booking a luxury hotel to chartering a yacht, which is also expected to emerge as a lucrative trend in the yacht charter market.
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Transparency Market Research (TMR) recently conducted a detailed market research to study the changing consumer trends that may influence the growth of the yacht charter market. It includes comprehensive explanation on which factors are driving the yacht charter market, and how stakeholders can benefit from the changing market trends to maintain their lead in this landscape.
Preference for Motor Yachts and Catamaran Yachts Influence Market Trends
In recent years, the number of travelers opting for nautical vacations has increased significantly, worldwide, and their preference for luxurious yacht charters has triggered the global market to surpass a valuation of US$ 13 billion in 2018. Modern travelers are making careful decisions regarding which type of yacht to charter, which is dictating market players’ strategies to leverage the rise in nautical travel and tourism across the world.
In 2018, more than 40% revenue share of the global yacht charter market was accounted for by motor yachts, and this value is likely to reach nearly half the revenue of the market by 2027. The suitability of motor yachts with various parameters of travelers’ choices of vacations, such as destination, weather, water sports activities, and specific needs about deck space, is one of the most important factors that justifies end users’ preference for chartering a motor yacht.
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However, the popularity of multihull yachts or catamarans is also increasing at a significant rate among travelers. With the increasing number of corporate customers in the yacht charter market, the demand for bigger and multihull yachts is expected to surge.
Market players are noticing a rising proclivity toward highly luxurious catamarans among corporate as well as retail customers, and consequently, they are increasing the availability of multihull yachts with lavish amenities such as gymnasiums, Jacuzzis, and helidecks. In the coming years, leading players in the yacht charter market are expected to adopt strategies to ensure the availability of various types and sizes of yachts to perfectly meet end user requirements, in order to win in this landscape.