There’s a dramatic shift taking place in the industry as millennial superyacht owners take the helm, and this was evident by some of the yachts on show at this year’s Monaco Yacht Show.
The Superyacht Life Foundation, a non-profit commercially agnostic industry body that champions the positive people, places, projects, and impacts surrounding the superyacht industry, recently noted how this next generation of consumers has impacted the industry as a whole.
According to the foundation, the number of millennial superyacht owners is increasing. Research shows that within the next 20 years, the median age of superyacht owners will decrease from the 45 – 55 year range to the 35 – 45 year range. This shift in the median age of superyacht owners will likely generate significant change, and the industry is already adapting.
Here are some ways this next generation of consumers is impacting the superyacht industry, with examples of yachts from the Monaco Yacht Show 2024 that appeal to this new generation of yacht owners.
Next generation consumers
Environmentally conscious
There’s no question that greener, more sustainable yachts are on the rise, with leading shipyards debuting hybrid yachts and fully electric vessels to appeal to the more environmentally conscious new age yacht owners.
Sustainability in the yachting industry isn’t just limited to green propulsion systems. Efficient hull designs that reduce fuel consumption, sustainable build practices and materials, and eco-friendly onboard practices aimed at reducing energy consumption are all transforming the yachting industry.
Yacht interiors are also shifting away from unsustainable materials to sustainable woods and recycled materials without compromising luxury and comfort.
Talks and conferences now abound around the topic of sustainability. Take for example, the recent Monaco Smart & Sustainable Marina Rendezvous, organised by Monaco Marina Management (M3) and held at the Yacht Club de Monaco last month.
The conference brought together 200 key players and innovative solutions from the marina and yachting industries to collaborate and foster virtuous marinas.
This year’s Monaco Yacht Show also focused specifically on sustainability. The Sustainability Hub highlighted the latest eco-friendly technologies in the yachting industry and offered attendees the opportunity to meet with leaders in yachting who are pushing for a sustainable future.
There were multiple eco-friendly vessels on display at the show. A highlight was the Sanlorenzo built motor yacht ALMAX, which made her global debut at the show. This innovative fuel-cell powered yacht is reportedly a key component of the shipbuilder’s ‘Road to 2030’ initiative, a clear pathway towards carbon neutrality. ALMAX is the first yacht to feature a green methanol Reformer Fuel Cell system, which allows for the production of up to 100 kW of energy with propulsion engines and diesel generators turned off.
Health-conscious design
An increased focus on health and wellness has been a key focus of superyacht design for the past decade, and this trend is only set to escalate as next generation yacht consumers take the helm. Fully equipped gyms and spa treatment rooms are no longer sufficient. Owners are now increasingly requesting lavish health and fitness facilities, including dedicated yoga and meditation studios, martial arts areas, saunas, and spas. Indeed, a luxury yacht’s health and wellness facilities are now a key selling point.
This was clearly evidenced at the Monaco Yacht Show, where some of the show’s finest yachts boasted lavish spa facilities, including the 122-metre Lurssen superyacht KISMET and the 123.2-metre Lurssen superyacht GOLDEN ODYSSEY, which was the largest yacht to have ever been exhibited at the MYS.
Cutting-edge technology
The latest technology is now being integrated into the world’s most luxurious vessels, enhancing every aspect of life onboard while appealing to a new generation of tech-savvy owners. From digital walls to smart-zone software that uses AI to reduce energy consumption, technological advances are changing life onboard for the better.
Technology and AI firms boasted a robust presence at this year’s yacht shows. Videoworks, an Italian leader in yacht technology systems, gave a taster of what to expect from AI applications in yachting at the MYS 2024, presenting the digital modelling installations on the Rossinavi catamaran SEAWOLF to monitor and optimise onboard functions.
At MYS 2024, AI technology made a strong impression. YachtEye showcased its advanced systems that have been integrated into many superyachts, including the renowned 106.7-metre Oceanco S/Y BLACK PEARL and the 85-metre SilverYachts M/Y BOLD, which was exhibited by Relevance’s client Moravia Yachting.
Italian shipbuilder Rossinavi further highlighted the future of yachting with an interactive room where new age yacht owners experienced their innovative designs and AI-driven technology in action.
Expedition yachts
The industry has seen a surge in larger more rugged vessels, driven by next generation consumers seeking to explore off-the-beaten-path. The number of expedition yachts on build reached an all-time high in 2023, with 88 ongoing projects, according to the Global Order Book. And Boat International reports that 6% of the world’s total superyachts are now expedition vessels.
The 2024 Monaco Yacht Show featured a stunning selection of expedition vessels, including the 73-metre Admiral Yachts M/Y PLANET NINE and M/Y BOLD.
PLANET NINE is regarded as one of the world’s foremost expedition vessels. Designed by Tim Heywood and launched in 2018, this exceptional yacht has been built with modern exploration in mind while embodying the luxurious comfort found on traditional superyachts.
Expedition vessel BOLD is an iconic globe-trotting vessel built to appeal to next generation consumers seeking to explore the world in style. She boasts an effortlessly chic interior and superb comfort levels.
Helping businesses in the yacht industry market to next generation consumers
Relevance is a leading yacht marketing agency with expertise in helping the world’s leading yacht service providers market to their target audience, including the new, younger generation of yacht owners. We utilise cutting-edge marketing strategies, marketing on social media platforms such as WhatsApp, Instagram, and LinkedIn, where younger generations inhabit, and using state-of-the-art tools such as virtual reality. If you need expert yacht marketing support, contact us today to learn more about our services and how we can help your business reach new age yacht owners.