As published in FOCUS magazine in the November issue.
China’s economic slow-down saw a negative impact on most luxury industries, but yacht sales have grown hand over fist. from 2006 to 2011, the industry swelled 732 per cent. Last year, 3,000 yachts were sold in china; by 2020, experts expect the numbers to hit 100,000. Seizing the opportunity, Chinese producers are stealing market share from more respected American, british and italian brands.
It’s a popular misconception that yachting is the province of the super rich. In Europe, 84 per cent of yachts are worth less than 50,000 euros. As Chinese income levels rise, demand for small- and medium-sized yachts will increase.
Domestic yacht production is still in its infancy, but over 75 mainland manufacturers have captured the profitable middle- and low-end market, with prices 20 to 50 per cent less than foreign brands. with lower prices, they also offer better, localized after-sale service; unlike with foreign firms, owners can maintain and repair their yachts domestically.
The mega-yacht level has a small pool of potential buyers, which means the ability to predict customisation preferences is advantageous. domestic manufacturers have a better understanding of local tastes. In addition, buyers who can afford to dock multiple vessels in different ports for different seasons.
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