Millennial superyacht owners are on the rise, reports Business Insider. They have already caused a shift in most industries, and the world of yachting is not an exception. In order to cater the younger generation needs, yacht brokers will have to adapt to their preferences and lifestyle, while those who stick to the traditional ways of yachting will be inevitably left behind.
Image courtesy: Kuznetcov_Konstantin/Shutterstock via Business Insider
#1. The yacht owners will get 10-15 years younger in the next 20 years.
Of the top 100 billionaires worldwide, 20% are below age 50, while superyacht owners are 10 to 15 years younger compared to 20 years ago, according to a new research by shipyard Rossinavi and the International University of Monaco. Furthermore, they are expected to get even younger — within the next 20 years, the median age of superyacht owners will decrease from the 45 to 55 range to the 35 to 45 range, according to Business Insider.
#2. The mindset is changing, with the trend towards chartering over ownership.
This new group of superyacht owners views yachting as "an occasional pastime rather than an enduring passion," according to the Monaco Yacht Show media packet. Still developing their business interests, self-made millennials consider a yacht as only one component of their fast-moving lifestyle.
Instead of materialistic attributes of luxury lifestyle, millennial superyacht owners prioritise adventure, water sports and exterior space. For them, life experiences take priority over material possessions.
For Millennials, travel is no longer a planned venture to be prepared and booked well in advance. The younger crowd prefers the freedom of chartering as it allows them to jump from one yacht in Monaco to another in Santorini without being tied to a physical boat. It is definitely a different concept from the traditional two-week summer cruise.
Erwin Bamps, CEO of Emirates-based shipyard Gulf Craft expresses his opinion as follows:
We are going to see a time when the traditional idea of yacht ownership starts to follow the same path as car sharing services; more convenient than a traditional taxi, and a real alternative to owning a car. The same principle will easily apply to luxury yachts. Imagine a global, technology-driven service that delivers the yacht you want, at the location you want, at the time you want, and can arrange a private jet to fly you there.
#3. The Millennials' different preferences may change yachting in terms of design and selling tactics.
The way people consume superyachts has changed, also reflecting in yacht design. According to the MYS packet, formal dining rooms and salons will be less evident as yacht designers turn to gyms, spa, water sports and spaces that enable open-air socialising to accommodate millennials' desires.
And those who custom order superyachts are no longer requesting offices on-board, according to Business Insider. They prefer to be able to relax during their yachting cruises instead.
With this upcoming wave of superyacht owners preferring to charter, yachting companies will likely have to shift their tactics of yachts selling. Most likely, they will need to make contacts with potential buyers through social media for a more immediate, personal form of communication.
However, in general, all the changes should be understood as an evolution rather than a drastic change. The MYS packet stated:
According to the study, millennials are going to do things differently and the product will have to be re-packaged, but the yachts will not change that much and the ownership concept will not go away anytime soon. They will want their own product like the rest of us. Things change, but human nature stays the same.
In celebration of its 30th anniversary, the prestigious Monegasque yachting brand Wally has launched the wallybeacon initiative, providing students with a unique opportunity to pitch their innovative ideas. The initiative culminated in a two-day event held on November 18-19 at H-FARM Campus, where 16 international teams competed for cash prizes in three different categories.The wallybeacon event kicked off earlier this autumn with a call for proposals that attracted over 80 students from renowned institutions, including Arsutoria School, Bocconi, H-FARM College, IED, International University of Monaco, and POLI.design. Wally challenged participants to develop ideas in three categories: personal goods, innovative living, and smart services and experiences. The first category focused on footwear, bags, and luggage; the second on multifunctional furniture and functional design objects; and the third on digital products and “phygital” experiences, merging the digital and physical realms.Following an initial selection process, 16 successful teams were each paired with mentors from Wally and strategic design firm MAIZE. They attended business training sessions, received product development support, and were guided through the process of crafting compelling pitch presentations. Participants were encouraged to conduct market surveys, develop business models, and create prototypes, all while emphasizing sustainability.The excitement surrounding the finals was palpable, with Wally Founder and Chief Designer Luca Bassani among the esteemed speakers, alongside notable figures such as Freediving World Champion Alessia Zecchini and International Beatbox Champion Azel. The event also featured ample networking opportunities, culminating in live pitches from the finalist teams.The following projects were honored during the event:3rd Prize (Smart Services and Experiences): WALLY INFINITY by Filippo Dainese, Riccardo Lovisetto, and Alberto Pupulin from H-FARM College, noted for its innovative blend of physical and digital experiences that aligns with Wally’s vision of client well-being.2nd Prize (Personal Goods): JUMP by Julia Baldini, Ugo Bompass, Matteo Bulla, and Matan Laron from Arsutoria School, recognized for its strategic approach to footwear, highlighting functionality and technology integration, particularly in the medical domain.1st Prize (Living Solutions): SAVA by Asia Paganessi, Valentina Panontin, Sofia Rossoni, and Aurora Zottarel from H-FARM College, celebrated for its innovative “space-free” organizing concept that bridges luxury and scalability in product and service offerings.Additionally, a special mention in the Smart Services and Experiences category was awarded to FOUR CORNERS CREW, created by Ksenia Kochineva, Nived Nair, Dhrumil Senghani, and Congyi Wang from Bocconi University.The wallybeacon event successfully showcased the creativity and potential of young innovators, establishing a vibrant platform for collaboration and inspiration. Moreover, it serves as a valuable opportunity for Wally to explore new avenues in design, aligning its brand legacy with the fresh perspectives of tomorrow's leaders. With a rich tradition of innovation recognized by two Compasso d’Oro awards, Wally is poised to expand its influence in new design territories.The Ferretti Group, led by Chief Executive Officer Alberto Galassi, is now one of the world’s leaders in the construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of brands: Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line and Wally.Credit: Ferretti Group
November 21, 2024
Quick Group showcased its ambitious sustainability program and 2025 targets at METSTRADE 2024. The program centers on reducing emissions and enhancing the company's carbon footprint, reflecting the Group's commitment to environmental accountability.Since 2024, Quick Group has undertaken a rigorous integration process alongside newly acquired brands to align with its established quality and production standards. This integration focuses initially on enhancing product quality, with plans to fully adopt the Group's sustainability practices and quality systems by 2025. Quick Spa, a key player for years in promoting sustainability, aims to embed these values deeply across all Group operations, making them fundamental to its identity.The Group has set concrete goals for 2024 and beyond, including significant carbon emission reductions and substantial investments in renewable energy sources such as solar power. A core element of the sustainability program is ensuring transparency across the supply chain, engaging business partners to adopt and promote responsible practices. By fostering a collaborative approach, the Group aspires to drive a collective shift toward sustainability throughout its value chain.Plans also include implementing vertical production methodologies and expanding the carbon footprint assessment to various product lines, with an emphasis on lifecycle analysis. The Group is committed to enhancing its circular economy practices, focusing on efficient resource use, waste reduction, and sustainable packaging initiatives.Quick Group is taking concrete actions against climate change, setting measurable targets for emission reductions aligned with a broader decarbonization effort across its supply chain. This includes certifying key products based on energy utilization, aiming for a notable drop in overall emissions by 2025. After achieving a 12.5% reduction in 2023 and a 6% decrease in 2024, the Group is pursuing a transition to 100% renewable electricity, supported by guarantees of origin.To elevate its quality standards, Quick Group plans to extend ISO 9001 certification—currently held by Quick Spa—to all production entities by 2025, with a goal of achieving ISO 14001 and ISO 45001 certifications by 2026. The adoption of these standards will involve implementing rigorous processes and policies to monitor and manage environmental impacts effectively."Building a robust quality system is essential for ensuring compliance and fostering customer trust," remarked Marco Rodi, Chief Operating & Sustainability Officer of Quick Group. He emphasized the importance of investing in quality as a means to secure future resilience while maintaining alignment across all Group companies.In addition to operational goals, Quick Group is committed to fostering diversity and inclusivity within its workforce. The company achieved balanced gender representation in 2024 and aims to further enhance inclusivity through a newly approved inclusion policy designed to ensure a discrimination-free environment. Furthermore, the Group guarantees equitable pay across all positions, regardless of gender, emphasizing the value of its human resources."Sustainability is integral to our Group's philosophy, guiding our actions and differentiating us within the industry," said Rodi. "As consumers and shipyards increasingly prioritize sustainability, we are dedicated to being a comprehensive partner by offering certified, value-aligned solutions while ensuring our suppliers share these principles."Credits: Quick Group
November 21, 2024
The Italian Sea Group S.p.A. has announced the appointment of Gianmaria Costantino as Chief Commercial Officer. In his new role, Costantino will oversee all global commercial activities for TISG.A graduate with honors in International Economics and Finance from Luigi Bocconi University in Milan, and holding a master's degree in Finance from Hult International Business School in London, Gianmaria Costantino is well-equipped for this role. As the son of the company's founder, Giovanni, he brings a personal connection to the organization’s legacy. Prior to joining TISG, he gained valuable experience at Meti Corporate Finance, iM Global Partner, and BDO, where he collaborated with management on various commercial initiatives.Gianmaria CostantinoHaving been a member of TISG's Board of Directors since October 2022, Gianmaria will now lead the company's Sales Team and drive its global commercial growth, reflecting the Group's commitment to stylistic innovation and technological advancement.The Italian Sea Group is a global operator in the luxury yachting industry, listed on Euronext Milan (“EXM”) and active in the construction and refit of motor yachts and sailing yachts up to 140 meters. The Company, led by Italian entrepreneur Giovanni Costantino, operates on the market with the brands Admiral, renown for elegant and prestigious yachts, Tecnomar, Perini Navi, and Picchiotti; the Company has a business unit, NCA Refit, that manages the maintenance and refit services for yachts and mega yachts with a length over 60 meters. Credit: The Italian Sea Group
November 21, 2024
The Pershing GTX series continues to captivate boating enthusiasts with its latest addition, the Pershing GTX80, which redefines the essence of pleasure and exhilaration on the water. This stunning yacht exemplifies a seamless integration of interior and exterior spaces, creating a harmonious ambiance that promises an exceptional cruising adventure. As the new entry in the GTX series, the Pershing GTX80 embodies a groundbreaking approach to sports yachts, emphasizing on-board comfort and spaciousness while staying true to Pershing's heritage of high performance and sporty design.With an impressive overall length of nearly 24 meters and a beam of 5.8 meters, the GTX80 is the culmination of a collaborative effort by the Ferretti Group Product Strategy Committee, under the guidance of Piero Ferrari, Vallicelli Design, and the Group’s Engineering Department. The yacht, constructed at the Ferretti Group’s Plug and Mould facility, showcases a blend of advanced technology and artisanal craftsmanship, stretching across two decks and a sportbridge, all while accommodating up to eight guests in four exquisite cabins. The meticulous design focuses on proportion and balance, achieving a refined equilibrium between the hull and superstructure, resulting in a visually stunning sports motor yacht.Upon first glance, the exterior of the Pershing GTX80 makes a bold statement. The classic Pershing silhouette is enhanced by innovative design choices, particularly observed in its near-vertical bow and a graceful, slightly convex sheer-line. The lightweight bulwarks incorporate a longitudinal slot in the bow, while in the stern, they fulfill dual functions by housing winches and transforming into lateral terraces, enhancing contact with the water. The hull boasts elegant, flowing lines, combining the signature grey of Pershing with a deeper hue on the superstructure alongside polished carbon on the hardtop. This refined color palette speaks to the yacht's elegance and aesthetic allure.The main deck features a two-level layout optimized for water interaction and relaxation. A spacious beach area spanning 28 square meters at the lower level can be accessed through electrically operated lateral terraces. This area is strategically designed with a multifunctional stern platform that offers three operational positions: launching tenders, default mode, or an integrated extension with the side terraces for expansive leisure space. Additionally, a large transom locker provides easy access to water toys.A raised second level comprises a 14-square-meter cockpit, complete with a dining area that opens up to an indoor galley via electrically operating windows. This design enhances the flow between indoor and outdoor spaces, enabling the cockpit to also serve as an outdoor bar. A door featuring two sliding overlapping panels grants entry to the expansive 36-square-meter living area. The galley configuration offers flexibility, featuring ambient bar counters both inside and accessible from the cockpit.The design ethos reflects the dynamic nature of the Pershing GTX80, accentuating the onboard experience. Large panoramic windows surround the living area, enhancing the connection to the sea while allowing ample natural light to fill the space. Thoughtfully designed silk grey-colored wooden panels paired with innovative LED light installations create a vibrant atmosphere.Accessed via a starboard staircase, the lower deck can be customized for either four cabins with en suite bathrooms or a dinette alternative. The master suite, located midships, boasts a stunning interior characterized by sky-blue leather paneling and a beautifully coordinated lighting scheme that mirrors the elegance found throughout the yacht. Impressive features like metallic lacquered panels in the bathrooms highlight a sculptural aesthetic, while lighting design remains a focal point, reinforcing the GTX80's chic ambiance.Continuing the hallmark features found in earlier models like the GTX116, the sportbridge offers a 23-square-meter sun deck, significantly larger than comparable offerings in the category. The sleek arch-shaped deckhouse and optional carbon fabric hardtop enhance both aesthetics and performance. The expanded sunpad in the stern integrates with the dining area, while the exterior helm station is equipped for a functional yet stylish cruising experience.The Pershing GTX80 is powered by three 1,000 mhp Volvo Penta D13 IPS1350 engines, achieving preliminary top speeds of 34 knots and cruising speeds around 28 knots. Consistent with Pershing's commitment to innovation, this model incorporates cutting-edge technological enhancements including the Volvo IPS electro-hydraulic steering system, Humphree trim stabilizers, and optional Seakeeper gyroscopic stabilizers, while offering the convenience of joystick driving and assisted docking. The yacht is certified under CE Class A regulations, ensuring excellence in both performance and safety.The Ferretti Group, led by Chief Executive Officer Alberto Galassi, is now one of the world’s leaders in the construction and sale of luxury yachts and pleasure vessels, with a unique portfolio of brands: Ferretti Yachts, Riva, Pershing, Itama, Mochi Craft, CRN, Custom Line and Wally.Credit: Ferretti Group
November 20, 2024
Acquera Yachting has officially opened new offices in Antigua and Anguilla, just in time for the upcoming yachting season, marking an expansion of its Caribbean presence to eight locations. Operating in this strategic yachting hub since 2021, the agency is known for its personalized services for superyachts and solid partnerships with key local operators.As part of its enhanced service offerings, Acquera is introducing AcqueraPro in the Caribbean – a platform that provides ongoing support to captains and charter brokers, which has already seen success in the Mediterranean.The Caribbean is increasingly vital to Acquera Yachting, a global leader in custom superyacht services that has been present in the region since 2021. With the addition of new offices in Antigua and Anguilla, the agency aims to bolster its existing operations. Diana Guidi, Chief HR Officer of Acquera, stated, “Following recent acquisitions, the Acquera team has grown by adding 40 agents across various Caribbean islands, including about 23 newly recruited professionals, all equipped to deliver exceptional service to local captains. We are actively recruiting additional talent to further enhance our service range and efficiency in this strategically important area for both the agency and the broader yachting industry. During peak season, over 1,500 superyachts are typically anchored in the region.”The rapid expansion strategy, reinforced by significant acquisitions and a growing network of offices, positions Acquera to deliver reliable, specialized services for the upcoming season, markedly improving response times across key locations. This growth is driven by Acquera's extensive knowledge of local logistics, regulations, anchorage spots, and technical requirements, addressing the complexities often associated with managing operations in the Caribbean.To further elevate service quality, Acquera will launch AcqueraPro locally, a platform that recently concluded a successful season in the Mediterranean. This tool simplifies cruise management and the creation of customized itineraries, providing captains, crew members, and charter brokers with quick access to essential technical and entertainment information via an intuitive user interface.AcqueraPro has been developed through ongoing collaboration with captains, brokers, and the local service network to ensure timely and precise information related to bureaucracy, port formalities, and customs procedures. It also facilitates itinerary planning, mooring consultations, and various service bookings, including transportation options like drivers, helicopters, private planes, and reservations at Michelin-starred restaurants, all directly accessible through local agents. For charter brokers, AcqueraPro streamlines fleet management, optimizes itinerary proposals, and improves communication with owners and guests.This platform is particularly valuable in the Caribbean, which offers frequent anchorage opportunities and diverse exploration options that bolster local businesses and foster regional development. In the past two months, Acquera has enriched its offerings by adding over 400 exclusive and outstanding activities, enhancing the experience for visitors and showcasing the unique qualities of the destination.Credits: Acquera Yachting
November 20, 2024