Long exclusive to high net-worth individuals, yacht charters have trickled down to other demographics with smaller, second-hand yachts now available at relatively affordable costs. Consumers seek enriching travel experiences with yacht charters being ideally placed to cater to this demand. Yacht charter providers claim that they provide service equivalent to that of a five-star luxury hotel and consumers are opting for this in droves. A yacht charter allows travellers to visit several locations in a single trip without the hassle of waiting in traffic jams or airport terminals. It also provides travellers with unrivalled privacy as they can dine in a location of their choosing on the open seas – unlike other holiday options.
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Millennial Desire for Group Tours in Exotic Locales Benefits Medium-Sized Charter Yachts
Customized yacht charters are the current rage as millennials are keen to celebrate their special occasions in exotic destinations. Millennials tend to opt for group bookings as opposed to solo travels due to the cost-effectiveness of the former. The medium-sized yacht segment is anticipated to be the biggest beneficiary of this in the yacht charter market. An explosion of social media has shone a spotlight on chartered yacht vacations. Numerous social media influencers and sailing communities have collaborated to promote chartered yachts to their followers. In addition, online travel blogs have played a key role in the promotion of the yacht charter market.
Optimal Design of Motor Yachts Permits Rapid Exploration of Narrow Coastlines
The motor yacht segment is predicted to retain pole position in the yacht charter market because it can traverse larger distances much quicker than sailing yachts. Furthermore, the shallow design is well-suited to navigate narrow passageways, enabling motor yachts to explore shallow coastlines. Motor yachts have larger decks for dining, sunbathing, and spending time with loved ones, making customers prefer them over alternatives in the yacht charter market.
Favourable Government Policies Help Spur Demand in Yacht Charter Market
Yacht manufacturers are prioritizing luxury features to cater to a discerning clientele and favourable government policies have helped in no small part. For e.g. – Indonesia revamped its marine tourism policy by excluding the CAIT permit (clearance approval for Indonesia territory). This resulted in more than 6000 yachts visiting Indonesia in 2019 alone, demonstrating how policy shift can have a monumental impact in the yacht charter market.
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Brokerage Services Still Not Enough to Lower High Maintenance and Acquisition Costs
The high acquisition and maintenance costs of yachts continue to be a major downer in the yacht charter market. Refitting, redesigning, and routine servicing are still prohibitively expensive for the vast majority of consumers. Although yacht charter brokerage has emerged recently, its progress is still slower than the ideal rate of growth.
Sailogy S.A Acquires Rival and Becomes Market Leader in the Yacht Charter Market
In June 2018, Sailogy S.A. acquired Master Yachting and became the number one player in the yacht charter market. In July 2018, Princess Yachts unveiled six new models through an investment that had begun three years prior.
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