Elite Traveler Summer 2023

WANDERLUST BYNUMBERS LOA 279.8 ft Topspeed 23knots Cruising speed 17knots Number of crew 21 Number of guests 12 Available in French Polynesia in summer from $960,000 per week plus expenses. Contact charter@burgessyachts.com,

+44 207 766 4300, burgessyachts.com

OWNERSHIP There hasn’t only been a signi fi cant shift in buyer behavior and ownership of yachts, but also in the way that a client might work their way up to yacht ownership. “Back in the day, many owners would build up to owning a yacht of the scale that we build at Oceanco by owning three or four smaller yachts beforehand, but that has changed over the years,” explains Paris Baloumis. “These days the younger generation will often have chartered before deciding on ownership, rather than working their way up from a smaller boat to a large Oceanco, for example.” Some reports have also claimed that the younger generation also prefer fractional ownership to full ownership, but in talking to the experts, it seems that shared ownership structures have never really worked in the superyacht industry. “Every couple of years we will hear about a new fractional ownership program, but they never seem to take o ff ,” says Simon Goldsworthy, sales broker at Edmiston. “Yachts are primarily used at certain times of year, and many owners are tied to school holidays, so if everyone wants the yacht in July and August that’s a problem; someone is going to be disappointed or at the least inconvenienced. Owning a yacht, rather than chartering one, allows for fl exibility and choice — choice over dates, choice over destinations, even choice over the crew that will greet you when you arrive. Don’t like the food? Change the chef. Don’t like the carpet? Change that too. See a new toy you like the look of? Buy it for the yacht. That’s the real beauty of ownership.”

TECHNOLOGY Millennials and the more recent Gen Z group have grown up in the cradle of technology; as a result, they want their superyacht experience to be as technology-driven and connected as their home life. Fortunately, this is an area in which superyachts excel, with advanced safety, navigation, automation, connectivity and entertainment systems having come on in leaps and bounds in the last decade. “The latest entertainment and sound systems on board are an absolute must for our clients,” says Frances Edgeworth, charter broker at Fraser Yachts. Across the board, however, having a reliable and fast internet connection is usually of paramount importance. “As a result of the fact that owners expect to be able to work from their yacht 24/7, connectivity really is crucial.” Richard Lambert, head of sales at Burgess, agrees: “Whilst their yacht is a haven for quality time on board with family, there is an absolute necessity to be able to work e ff ectively when required. Post-Covid we have seen clients

spending extended periods on board, and as a result the yacht has also become a place to work e ffi ciently and e ff ectively away from the o ffi ce.” ( Wanderlust hasample space for WFY.) The way in which the industry communicates with clients has also changed. All marketing materials are now mobile friendly, while the way in which the shipyards and brokerage houses market their yachts has moved on, too. “We have developed a greater range of tools, including virtual-reality 360 tours that appeal to a younger audience,” says Lambert. And when it comes to communicating with clients, traditional calls and emails may still be preferred, but WhatsApp and social media channels are increasingly popular with the younger generation, and even with some older owners — from apps for clients to access their itineraries, preferences, yacht and crew details to trackers that show you where your friends’ yachts are.