In 2019, the global yacht charter market trends size was valued at USD 6.5 Billion. Due to the swift change of lifestyles and peoples’ preferences, this growth was also projected to trigger the compound annual growth of between 2020-2027 with about 5.2 % growth. However, This projection has been affected later in the year 2020 by the pandemic which saw almost everything come to a standstill. Planners and investors are expecting the growth to pick up from 2021 — 2027. This is after every country is comfortable with its citizens to traveling unconditionally. Yacht growth has been fueled by people’s increasing preferences for the demand for luxurious tourism machine and personalized services. These two have been the primary factors. Other factors that have seen yacht charter market trends constantly rising include;
GDP Factor
The demand for yacht increased significantly in recent years. The increasing wealth of people has been watched and experienced worldwide. The increasing of disposable income triggered the market positively with increased demand. Income stability made yacht a booming tourism sector. The experienced increased net worth of an individual also affected the global market trend.
Availability
The yacht is available and easy to charter. This has made marine travel and tourism to be on the rise despite the high cost associated with chartering. The rising number of promotional events held on the yacht has been met with an increased number of yacht providers. Thus making the yacht services available. Therefore, increased availability is a factor that has supported yacht market growth.
Accessibility
This is another factor that has seen the yacht market affected positively globally. An available yacht can be checked on an online portal and booked. Although offline yacht charter was sustainably high, online booking has seen yacht charter booking grow magnificently across the globe. In return, online booking makes the costs of running the business low with increased profits. This is because the business can be run from home remotely without the need for a physical location.
Conclusion
Yacht chartering has been highly observed by the young generation. Young high net worth customers prefer going for vacations, birthday parties, weekend parties and even anniversaries on a yacht. A combination of offline booking and online booking has enabled pooling of income all seasons. Running the business on just a software affected the cost of chartering to drop slightly due to the decrease of the associated cost that the provider has cut on. Wondering why yacht demand has been constantly increasing off late? above are factors affecting yacht charter market trends.
