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The health crisis has paralyzed the economy of most sectors. However, the luxury yachting sector is managing to overcome the crisis, and is showing satisfactory results despite the cancellation of boat shows.
According to Boat International magazine, since January 1, 2021, 208 yachts have been sold on the international market. This figure is up sharply compared to the same period last year when only 130 yachts found owners. Indeed, the demand for these hyper-luxury services has been growing rapidly for some time.
For the private aviation sector, the increase in demand is so great that it has led to a worldwide shortage of aircraft. Only 1,130 jets are available on the market, or 5% of the world fleet. This is three times less than during the subprime financial crisis.
This exceptional increase in demand for hyper-luxury goods is explained by the increase in the number of billionaires. According to Forbes magazine, the number of billionaires in the world has risen from 2,000 to 2,700, an increase of one-third.
This meteoric growth in demand for yachts and private jets is partly caused by the health crisis. Indeed, this trend is growing with the fear of catching the virus, the need to create health bubbles, as well as the lack of flights.
Superyachts are a particularly popular purchase for millionaires and billionaires, however, the construction of two-thirds of these boats is distributed among 20 shipyards, mainly in Europe, including Italy, Norway, the Netherlands, and Germany.
In fact, it was in Germany that the Solaris, an imposing 140-meter yacht, worth 600 million euros, was designed and commissioned by Russian billionaire Roman Abramovich. Yacht design companies, which usually limit themselves to a dozen boats per year, are forced to double their efforts this year.
“I have seen an increase in demand for boat rentals since March 2021, as some restrictions were still in place at hotels and private beaches,” a manager at a yacht charter company in Dubai tells AFP.
In the city of Dubai, open to tourists since July 2020 and which welcomed 16 million each year before the pandemic, the yachts multiply at the edge of the Marina. Authorized to operate at 70% of their capacity, several boat rental companies note increased demand for yachts in Dubai for some time.
Interviewed by AFP, Mohammed al-Sayed, director of Royal Star Yachts, explains, “When the containment measures were relaxed and the situation returned to normal, people preferred something safe and secure with regulations, staying with family and friends”.
In the aviation sector, this increase in demand for private jets is also leading to a decrease in the number of first-class seats on commercial flights, and some are already preparing for the disappearance of first-class, which has become less attractive than private jets due to airport controls.
Finally, while the luxury yachting sector is experiencing a strong increase in demand, the environmental impact is alarming. The NGO Greenpeace reveals that yachts are responsible for 12% of ocean pollution. Concerning private jets, the carbon footprint per passenger is 5 to 15 times higher than that of a passenger on a commercial plane, and 50 times higher than that of a train passenger.
Read also > THE LUXURY YACHTING SECTOR IN CRISIS IN THE PACA REGION
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The health crisis has paralyzed the economy of most sectors. However, the luxury yachting sector is managing to overcome the crisis, and is showing satisfactory results despite the cancellation of boat shows.
According to Boat International magazine, since January 1, 2021, 208 yachts have been sold on the international market. This figure is up sharply compared to the same period last year when only 130 yachts found owners. Indeed, the demand for these hyper-luxury services has been growing rapidly for some time.
For the private aviation sector, the increase in demand is so great that it has led to a worldwide shortage of aircraft. Only 1,130 jets are available on the market, or 5% of the world fleet. This is three times less than during the subprime financial crisis.
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The health crisis has paralyzed the economy of most sectors. However, the luxury yachting sector is managing to overcome the crisis and is showing satisfactory results despite the cancellation of boat shows.
According to Boat International magazine, since January 1, 2021, 208 yachts have been sold on the international market. This figure is up sharply compared to the same period last year when only 130 yachts found owners. Indeed, the demand for these hyper-luxury services has been growing rapidly for some time.
For the private aviation sector, the increase in demand is so great that it has led to a worldwide shortage of aircraft. Only 1,130 jets are available on the market, or 5% of the world fleet. This is three times less than during the subprime financial crisis.
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