Millennial superyacht owners are on the rise, reports Business Insider. They have already caused a shift in most industries, and the world of yachting is not an exception. In order to cater the younger generation needs, yacht brokers will have to adapt to their preferences and lifestyle, while those who stick to the traditional ways of yachting will be inevitably left behind.
Image courtesy: Kuznetcov_Konstantin/Shutterstock via Business Insider
#1. The yacht owners will get 10-15 years younger in the next 20 years.
Of the top 100 billionaires worldwide, 20% are below age 50, while superyacht owners are 10 to 15 years younger compared to 20 years ago, according to a new research by shipyard Rossinavi and the International University of Monaco. Furthermore, they are expected to get even younger — within the next 20 years, the median age of superyacht owners will decrease from the 45 to 55 range to the 35 to 45 range, according to Business Insider.
#2. The mindset is changing, with the trend towards chartering over ownership.
This new group of superyacht owners views yachting as "an occasional pastime rather than an enduring passion," according to the Monaco Yacht Show media packet. Still developing their business interests, self-made millennials consider a yacht as only one component of their fast-moving lifestyle.
Instead of materialistic attributes of luxury lifestyle, millennial superyacht owners prioritise adventure, water sports and exterior space. For them, life experiences take priority over material possessions.
For Millennials, travel is no longer a planned venture to be prepared and booked well in advance. 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. It is definitely a different concept from the traditional two-week summer cruise.
Erwin Bamps, CEO of Emirates-based shipyard Gulf Craft expresses his opinion as follows:
We are going to see a time when the traditional idea of yacht ownership starts to follow the same path as car sharing services; more convenient than a traditional taxi, and a real alternative to owning a car. The same principle will easily apply to luxury yachts. Imagine a global, technology-driven service that delivers the yacht you want, at the location you want, at the time you want, and can arrange a private jet to fly you there.
#3. The Millennials' different preferences may change yachting in terms of design and selling tactics.
The way people consume superyachts has changed, also reflecting in yacht design. According to the MYS packet, formal dining rooms and salons will be less evident as yacht designers turn to gyms, spa, water sports and spaces that enable open-air socialising to accommodate millennials' desires.
And those who custom order superyachts are no longer requesting offices on-board, according to Business Insider. They prefer to be able to relax during their yachting cruises instead.
With this upcoming wave of superyacht owners preferring to charter, yachting companies will likely have to shift their tactics of yachts selling. Most likely, they will need to make contacts with potential buyers through social media for a more immediate, personal form of communication.
However, in general, all the changes should be understood as an evolution rather than a drastic change. The MYS packet stated:
According to the study, millennials are going to do things differently and the product will have to be re-packaged, but the yachts will not change that much and the ownership concept will not go away anytime soon. They will want their own product like the rest of us. Things change, but human nature stays the same.
The brand new superyacht Olivia O has been recently seen on the French Riviera. Planning and engineering work began on the boat in November 2016 and earlier in 2020 the superyacht was finally delivered to her experienced owner.One of the largest explorer yachts in the world was designed and built by Ulstein Verft, which is known for commercial vessels, ferries, and workboats. Well-known superyacht designer Espen Oeino was chosen by the owner to develop the exterior lines and the general arrangement of Olivia O. The 88.5 m motor yacht is not typical in style, she features a trademarked reverse-bow design called the X-Bow.She is owned by Eyal Ofer, a Monaco based billionaire, active in shipping and real estate. He is not the last man in shipping indeed since in 2014 Eyal was ranked number 7 in Lloyd’s List 100 People in Shipping. With the net worth, which is estimated at US$ 9.4 billion, he definitely can afford this US$ 200 million luxury superyacht. Eyal is Chairman of Ofer Global, Zodiac Group, and Global Holdings. His father Sammy Offer was Israel’s richest man.Some of her impressive highlights are a large swimming pool on the main deck aft and a helicopter deck with a D-value of 16. Olivia O offers accommodation up to 20 guests in 8 cabins, including Pullman bunks while crew accommodation is for 30 people.
July 10, 2020
The 99.95 m superyacht Moonrise, the largest superyacht by waterline length built in the Netherlands to date, has been recently delivered after successful sea trials in the North Sea. Built by the Feadship yard in Makkum, she also has an impressive volume thanks to a 15.50-metre beam.The shipyard described the yacht's key features as “sleek, sensual lines” with a “modern masculine profile”. Some of the highlights of Moonrise are it's a large beach club, a gym, and the huge living space areas.Her stylish details, such as long hull windows, a glorious grey hull, and striking vertical bow add to the elegance of the design by Studio De Voogt. The interior of the boat was created by Remi Tessieir Design.Moonrise has a 15.5-meter beam and is equipped with a pair of MTU engines for a maximum speed of 19.5 knots and a cruising speed of 16 knots.Moonrise equipped with a pair of MTU engines for a top speed of 19.5 knots at top speed and she is designed to cruise comfortably at 16 knots. The dimensions of the yacht are impressive and can accommodate up to 16 guests in 8 staterooms. There are also exceptionally high-end crew accommodations for up to 32 crew members.
July 10, 2020
Lürssen's superyacht Opus, which was previously named Redwood, hit the sea for the first time. The 142m vessel featuring six decks was launched yesterday July 9th. The technical concept was launched in January 2019.The management of project Opus is done by Moran Yacht & Ship, overseeing the construction process. This project sets a new record as the largest project for the company to sell.Moran Yacht & Ship commented:She is feature-rich with high-end amenities to delight and cater to every imaginable whimThe motor yacht can accommodate 36 guests in 20 cabins. Opus was designed by Italian design studio Nuvolari & Lenard. After the sea trials are completed, Opus will be delivered to her owner later this year.
July 10, 2020
Madame Gu is a 99.00 m luxury motor yacht. She was built by Feadship in 2013. This week this majestic superyacht has been seen in Saint Tropez. With a beam of 16.50m and a draft of 4.60m, she has a steel hull and aluminium superstructure. This adds up to a gross tonnage of 2900 tones.Madame Gu is powered by MTU 20V 4000 M73 engines of 4,828hp each, capable of reaching a maximum speed of 24 knots and cruise at 22 knots.She can accommodate 12 guests in 6 cabins including a master stateroom and five guest cabins. Both, an interior and exterior design by Andrew Winch make up one of Holland’s largest yachts ever built. The superyacht a fully enclosed helicopter hangar with a Eurocopter Dauphin AS 365N3, which costs around US$ 9 million. Also, there are two 11-metre tenders and scuba gear as well as a beach club, gym, and jacuzzi on deck.
July 9, 2020
Lürssen shipyard delivered 180 metre superyacht Azzam in 2013. With such an impressive length, she is the largest privately owned superyacht in the world and held its title unchallenged for nearly seven years. With a beam of 20.8 m and a draft of 4.3 m, she has a steel hull and aluminum superstructure. This adds up to a gross tonnage of 13136 tons. Azzam is powered by engines of 23,500 hp each giving her a maximum speed of 30 knots.The all-white motor yacht can accommodate guests in cabins with an interior design by Christophe Leoni and an exterior design by Italian studio Nauta Design.Mario Pedol, co-founder of Nauta Design commented:Azzam features balanced, modern architecture composed of straight lines and proportional volumes, which are some of the main design principles of Nauta Design When we were called to participate in pitching for the exterior styling of this yacht we knew it would be the most demanding work of our career, defined by the strictest and most challenging requests in terms of dimensions, performances, and technology. What made us confident to be able to deal with such a challenge was the interpretation of the client’s brief. The best technology was required in order to obtain the highest performance possible.There is not much information about her interior design, but it’s not a secret that the interior layout includes an open-plan main saloon measuring 29 metres by 18 metres.Pedol said about it:We’ve had a lot of compliments for Azzam. They all talk about elegance and balance, that she doesn’t look as big as she is, and I think this is a good achievement.
July 9, 2020