Skip to main content

Sales to China could boost superyacht market

As China's super-rich grow richer they need new toys to play with. Now some are betting that superyachts will be the next big thing for Chinese millionaires who want to show off their bling.

“There's no question that Chinese have the appetite and the deep pockets for a thriving yacht culture,” Traugott Kaminski, China CEO for the yacht firm Sunseeker, told CNN.

According to figures the state media cite, there are about 1,300 private yachts in China. That compares with 17 million privately owned recreational boats in the United States.

But where some see China as a yacht-seller's paradise, others are more cautious.

“In 2010, China only imported about 100 yachts — that's not a lot when you consider the country's wealth and population,” Bart Kimman, Dutch CEO of Asia Yacht Services, a Hong Kong brokerage firm tailored to the growing Asian market, told CNN.

Although Kimman stresses that demand has increased from next to nothing only two years ago, he believes the Chinese market is still caught in a net of prohibitions.

Keyu Jin, an assistant economics professor at the London School of Economics, said Chinese trendsetters will need to take up yachting before it really takes off.

“How do you jump-start a hobby?” she asked. “It's like European wine in China — in the beginning no one drank it, then a very few people started drinking a particular French brand, now finally there is a big market. It's a herd mentality.”

Click here for the full article.

Related

TPG Adds to Marine Portfolio

The hospitality and marina management firm acquired Conanicut Marina and Taylor Point Boat Yard in Jamestown, R.I.

Trade Only Today Returns Jan. 18

The daily e-newsletter will not publish Monday, Jan. 17, in observation of Martin Luther King Jr. Day. We wish everyone a happy and safe holiday weekend.

ECONOMY REPORT: Omnipresent Omicron

The year closed with an uptick in consumer confidence, but the latest coronavirus variant threatens to derail progress

Mixed Reactions

Though generally positive about market conditions, many dealers report they won’t be attending boat shows.

Sportsman Boats Hires CFO

Greg House was previously chief financial officer with Sea Star Solutions and Dometic.

NMMA Reports Strong Boat Sales in 2021

Annual new powerboat sales are expected to exceed 300,000 units for the second consecutive year.

Lowrance Releases Software Update

The software release enables a new sonar feature and autopilot compatibility for Ghost trolling motors and Ghost-compatible MFDs.

Keeping the Sales Team Motivated and Sharp

Here are some strategies from the “Undisputed King of Motivation,” Zig Ziglar, for sales success before, during and after the transaction.

Retired CG Officer Joins Commonwealth PR

Chad Saylor, who served as a public affairs officer, is an account executive with the Virginia-based public relations and marketing firm.