While the social distancing norms have indeed turned the new generation’s attention toward the sea, a gradual shift has been noticed since even before the pandemic hit. It is a safe, peaceful, and easily accessible alternative compared to land-based recreational choices. Many aspects of the yachting industry, however, have changed significantly. The former and the upcoming generations do not share the same priorities. The impact is so substantial that many yacht manufacturers have come up with a new design category for millennials and GenZ. This new category takes into account their mindset, expectations and leanings. Understanding this shift in the industry offers valuable insights and helps shipyards better cater to their clientele. CURRENTTRENDS IN SUPERYACHTS FOR THE NEWGENERATION RESEARCH AND DEVELOPMENT The next generation is deeply interested in the research and development of superyachts to make themmore advanced. They want to see developments that are on par with the automobile and aviation industry. Yacht designers are constantly researching new hull shapes and technologies that enable easy moorage, shallow water cruising, and fuel savings due to reduced water resistance. ADVENTURE-PROOF CRAFT The upcoming generation is far more adventurous when it comes to exploring the world through yachts. They do not want to be restricted to popular destinations. They want to explore the world and see what their craft is truly capable of. Ocean-going hulls and engines, increased fuel efficiency, advanced water filtration and mineralization plants, solar panels, and multifunctional equipment are ideas that are currently being worked upon in the industry to accommodate such a lifestyle. Next-generation yachts can also house many toys that enable its owners to enjoy every terrain. They have dedicated spaces for helicopters, snowmobiles, jet skis, and even submarines.
A recent study by the International University of Monaco infers that the median age of superyacht owners has decreased by about ten years in the last twenty. A similar pattern is expected over the next twenty years, with the bulk of superyacht owners being between 35- 45 years of age at the end of it. Besides that, there has been a staggering increase in the demand for motor yachts over the last few years, with sales reaching a 13-year-high in 2020, as per the data from the US National Marine Manufacturers Association.
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