Yacht Market Sees A Shift As Pandemic-Era Buyers Sell, Prices Dip: 'The Industry Is Going Back To 2019'

The pandemic-induced surge in yacht sales is now showing signs of a reversal, with many buyers from the COVID-19 era now putting their vessels up for sale. This trend has led to a slight drop in prices, signaling a shift in the yacht market.

What Happened: The pandemic saw a significant increase in yacht sales, with many individuals seeking alternative travel options. However, as the world starts to return to normal, some of these buyers are now looking to sell their yachts and explore other travel options, CNBC reported.

Richard Allen, COO of Simpson Marine, noted a “massive spike” in yacht sales during the pandemic. However, he observed that many of these buyers are now looking to sell their vessels and explore other travel options.

Paolo Casani, CEO of Camper & Nicholsons, added that the industry saw a doubling of yacht sales in 2021 compared to 2019. However, this has led to an increase in brokerage activity, with many of these yachts now being put up for sale.

"The industry is going back to 2019," Casani said. "And we have to distinguish between brokerage and new builds, because the demand for new builds is still quite high."

"Prices are still quite high," he added. "There is still a gap between the demand and the offer … but we do believe that there will be still a reduction in the course of 2024."

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Despite the drop in sales, the demand for new builds remains high, particularly in Asia, where some buyers are even upgrading to larger vessels.

Why It Matters: The surge in yacht sales during the pandemic is part of a broader trend of increased spending on luxury items. Tech billionaires like Mark Zuckerberg and Jeff Bezos have been making headlines with their extravagant yacht purchases.

However, the yacht market is not just about ownership. The rise of remote work has also led to new opportunities in the industry. Virgin Voyages, owned by Richard Branson, recently introduced a month-long cruise package specifically designed for remote workers, combining work and travel in an unprecedented way.

Despite the challenges, the yachting industry remains a significant contributor to the global economy. According to Simpson Marine, the global marine leisure market is expected to reach $46.5 billion in 2027, with significant potential for job creation and tourism revenue, according to the report.

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