TECHNOLOGY INTEGRATION Having grown up in the cradle of technology, the new generation knows how to harness its true power. As a result, millennials and GenZ expect superyachts to be more than a pleasant sight. They want services similar to, if not better than, what they have access to on land. With the advent of technology, superyachts today have advanced safety, navigation, automation, connectivity, and entertainment systems. Reliable internet, in particular, has been a pain point for years. But with new companies taking on this challenge, many superyachts can now stream high-quality content even from remote parts of the world. Besides this, many smartphone apps such as Boatyard, Navionics and My Radar have improved the yachting experience even for beginners. FROM OWNERSHIP TO CHARTERING A significant shift in buyer behavior has been observed in the ownership of yachts. The next generation is not as inclined towards ownership. They prefer co- ownership and even charters to offset some of the responsibilities of superyacht ownership. According to Grandview Research, the yacht charter marketplace saw a significant increase in demand for superyachts charters throughout 2020 and into the current year. With an increasing number of millennials preferring yacht charter vacations to full ownership, yacht sales and management companies have had to come up with new co-ownership plans and add charter management capabilities.
SUSTAINABILITY Sustainability is one of the most critical factors that affect the buying decisions of the new generation. A study by Forbes showed that as much as 50 percent of millennials and 54 percent of Generation Z are willing to pay extra for sustainable products. Most new gen superyacht owners are concerned about their carbon footprint and will pay a premium superyacht price for sustainable alternatives. When considering which yacht to purchase, they are increasingly demanding electric or hybrid propulsion over those powered by fossil fuels. Kite sails, a carbon- free energy source that enables propulsion through wind energy, have also consistently improved. Lithium batteries that derive power from the sun are another example of technology that allows millennials to reduce their eco-footprint significantly. Similarly, they prefer sustainable materials for the fabrics and interior design of the yachts. Another trend in the sustainable yachts space is the ubiquity of upcycled products. Upcycling is the practice of converting old waste or unwanted byproducts into new products that are of a higher quality. Superyachts builders increasingly favor such reclaimed products as a part of their green initiative to attract the new generation. SUMMING ITUP As we can gather from the above trends, the new generation has an entirely different attitude to superyachts when compared to GenX and beyond. While the previous generations used yachts more as a status symbol, the new generation does not. This generation cares more about how they are made and what they can do with them. They want products that leave a minimal footprint while doing as much as possible. With GenZ entering the yachting space soon, these trends are only expected to get stronger. It is clear that the emphasis will be on creating environmentally friendly superyachts.
Yacht owners are getting younger and more adventurous, which will shape the vessels of tomorrow.
07
H OW L A T E S T WA V E S I N T E C H N O L O G Y A R E S H A P I N G T H E C U R R E N T S U P E R Y A C H T I N G E X P E R I E N C E E D I T O R I A L
Made with FlippingBook Online newsletter