Got Yachts? How The Industry Is Staying Afloat In A Pandemic
Updated: Nov 25, 2021
(Article originally published by pymnts.com)
Pandemic and global recession aside, it’s a great time to be in the yacht business. Seriously. According to the National Marine Manufacturers Association (NMMA), new boat sales were up 59 percent in May compared to April, and up 19 percent compared to May 2019. Yacht sales — which the NMMA defines as boats 33 feet in length or longer — increased 51 percent in the U.S. in May.
“The new data from the NMMA reinforces what we’ve been hearing from dealers and manufacturers from across the country: record interest and robust sales this summer across all boat segments, as Americans invest in new ways to escape and vacation in the social distancing era,” says the NMMA. “Many dealers are also reporting first-time boat buyers.” All of this is music to the ears of Alfred Law, director of Sunseeker, which is an iconic global yacht brand based in the U.K. Law, who works out of Singapore and services all of Southeast Asia, says he has seen changes in who buys yachts and how those purchases are made during the pandemic, but he has also seen increased opportunities. For example, there was a couple in Singapore who had well-known office space — and instead of buying a new home, condo or property, they opted for a “floating home,” which is one of the use cases among yacht buyers.