The world’s largest gathering of superyachts was held 23 to 26 September in the Principality of Monaco. There were 121 boats on water and hundreds of exhibitors from the yachting accessory and luxury good market.
Superior CEO, John Hogan was there as part of the Australian contingent with AIMEX-Superyacht Australia. John observed that while business is on the up, “The superyacht industry does have challenges with targeting new markets and various companies are employing innovative methods find these markets.”
Of course, the Asian market is of particular interest as this is where the ratio of superyacht ownership in comparison to High Net Worth Individuals is the lowest. In China alone there was a recorded 2,378,000 millionaires in 2013, compared to the US at 7,135,000 millionaires, according to Boston Consulting Group’s 2014 Global Wealth Report. China’s millionaire growth skyrocketed in 2014, up 82%, while the US grew 18% in the same period.
Another factor determining industry growth and visitation is marina infrastructure, which still impacts on skippers’ decisions on where to visit.
“It also is a tangible limiting factor with a skipper confirming his advice for an owner not to go any more than 5-metres in length with a new build replacement due to too few berths available for their current 50-metre vessel in Australia,” said John.