The Next Generation of Yachting: What Is Changing?
Millennials have caused a shift in most industries, and the world of yachting is not exempt. Crucial changes must be made by yacht brokers and builders in order to cater to this younger demographic. Companies that stick to the traditional ways of the yachting industry will inevitably be left behind.
We already know that the sales process is not the same as it always was. As we mentioned in our Yacht Sales White Paper, buyer behavior is evolving. Companies need to position themselves as a valuable resource and attract potential customers to their website instead of making cold calls all day.
However, not only is the sales process changing, but the entire concept of yacht ownership is being altered as millennials get older. This article on Business Insider explains that owning a yacht doesn’t fit into the fast-paced millennial lifestyle. The younger crowd prefers the freedom of chartering as it allows them to jump from one yacht in Monaco to another in Santorini without being tied to a physical boat.
Millennials also have different values when it comes to travel. Experiences take precedence over material possessions. Yacht brokers will start to see customers favoring boats that are more conducive to water sports and large gatherings.
According to this article by Forbes, millennial travel is a lot more spontaneous. Taking a vacation isn’t a long-awaited event but something spur of the moment that could happen over a weekend or a few days, and then again a couple weeks later. Being tied down by the location of one specific yacht is restricting to millennials who want to be able to pick up and go anywhere.
For more insight into millennial yacht buyers, read the full article written by Hillary Hoffower for Business Insider.