Superyacht Report: Top 3 Superyacht Trends of November
Following the 2008 financial crisis, superyachts were expected to sink. The most pessimistic predicted the early-2000s boom in yacht sales would never return – however, with the fast recovery of the Superyacht industry in the past year, the top 3 Superyacht trends of the past month signal a new era for performance yachts.
Crisis and Post-Crisis: Growth in Superyacht Production
According to The Superyacht Annual Report 2017, the number of new yacht builds is steadily increasing. When compared with the 53% decline in new builds following the recession – only 112 superyachts were built in 2009, compared with 240 in pre-recession 2008 – yacht production numbers look optimistic. In the post-crisis period of the past eight years, boatbuilders have produced 13 of the 20 largest yachts in history.
Brexit: Surprising Benefits for Superyachts
Globally speaking, the superyacht market is performing well. But with Brexit looming across the horizon, what will become of superyacht trends and the Marine industry as a whole?
Somewhat surprisingly, Article 50 has proven beneficial for the UK’s yacht market. The fall of Sterling favoured the sale of superyachts to international investors, particularly those trading in US Dollars. British Marine revealed a 1.6% increase in the Marine industry last year; the fifth consecutive year of growth.
Rising production levels have encouraged a rise in business confidence in the lead up to Brexit. In July 2016, business leaders reported a negative outlook following the EU Referendum, with a net rating score of -7%. However, confidence has bounced up 17% since then, with a net positive confidence rating of +10% posted at the end of 2016. In November 2017, 75% of companies feel positive about industry success in the near future.
The Marine industry is set to become one of the UK’s most profitable industries. The second of the top 3 superyacht trends, the Marine industry is currently producing £54billion worth of business, matching the financial success of the UK’s rapidly advancing Motorsport industry.
Superyacht trends of November also signal a promising future for the yacht industry around the world. Increasing interest in luxury cruising from Asia and the Middle East are fuelling expectations that superyacht production will return to the peak levels of the early 2000s.
Superyacht Skills Shortage
Launching a fast recovery in the last year, the Marine industry now supports over 33,000 full-time workers (up 4.6% from last year). With the acceleration in hiring, 30% of companies report business-critical skill gaps and 74% report a lack of technical training in their workers.
With Global Industry Analysts predicting that the global yacht industry will grow up to $74.7bn by 2022, how can the Marine and Superyacht industries fill the skills gap by hiring and developing the technical skills that are essential to success?
Find out more about our recruitment services for the Marine and Superyacht industries.
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