Elite Traveler Summer 2023

LEADERS IN LUXURY YACHTS

The new wave

The superyacht demographic is changing dramatically. According to SuperYacht Times , in just a few years, 60% of the luxury market will be made up of millennials — a proportion of whom will also therefore be the superyacht owners of the not-so distant future. On average, yacht owners are now 10 to 15 years younger than two decades ago, and their average age is projected to lower to between 30 and 40 over the next decade. Known for their digital activities, this new wave of yacht owners is already in fl uencing the yachting industry, bringing something new and transforming it into a more socially and

their clients. “There is much more focus on enjoying experiences and connections with the people around us than there is on materialism and status symbols from the past,” says Oceanco’s group marketing director Paris Baloumis. “Of course, there are many clients and potential clients that fall into this ‘young’ mindset who are over 40, but there are also younger buyers out there. An identi fi ed trend is called ‘Gen Alpha Design,’ whereby kids of millennials and Gen Y are in fl uencing their parents’ decisions, so we also need to factor them in when we are designing and marketing a yacht.”

environmentally responsible experiential pastime. To resonate with this new demographic, the industry is adapting its o ff ering in every area. From a yacht’s design, build and marketing to the ways in which delivered yachts are marketed for sale and charter, it is those in the industry who embrace the change who will have the competitive edge and thrive in years tocome. Ultimately, future success will belong to the yacht builders who can best cater to the younger mindset of yacht owners. For the Dutch shipyard Oceanco, it’s about adapting to the shared beliefs and behaviors of

by Miriam Cain

Oceanco’s Aeolus design, named after the Greek god of wind

On average, yacht owners are now 10 to 15 years younger than two decades ago, and their average age is projected to lower to between 30 and 40 over the next decade

Photos Phil Clark