It’s that time of the year again.
My wife Paula and I are northbound. Our lake house in New Hampshire is calling for us to come home, which means it’s time to leave sunny Florida behind for the season.
Yachts sales are affected by the changing of the seasons, and when warmer weather starts blowing in it’s time for Paula and I to leave Florida and start traveling worldwide, seeking out perfect yachts for our clients while also seeking out new adventures.
Paula and I aren’t the only ones who fly north when the warm weather and deep humidity of South Florida hits highs.
Boat shows in Florida peak during the months between fall and spring, flooding the Florida coast with boaters scoping out featured listings and boats in stock that perfectly match their wishlist.
Though boating is a year-long activity in sunny South Florida, the local market begins to slow as people move from south to north during the summer in search of cooler temperatures.
It has been an exciting season in Florida so far. The market was active, Polo was wonderful, and we met many new friends. But luxury spending is spreading out. Instead of being focused on South Florida, we’re seeing eager yacht buyers seeking out featured listings from locales across the nation and across the world.
Are Yacht Sales Still Matching the Pandemic Surge?
Few of us predicted the market boom that accompanied the COVID pandemic, with the industry seeing surges in sales and record-breaking demand throughout 2020. However, the same industry shortages that accompanied that boom continue today.
Though we’re seeing a slight dip down from those 13-year-record breaking demand highs, boaters seeking out newly listed yachts are finding it hard to find boats in stock. Paula and I are having fun as we help connect clients with the yachts that check off all the boxes on their want-list. But inventory on yachts is slim. Yacht builders are booked years out.
High demand isn’t the only thing to blame. When lockdowns started across the United States through March and April of 2020, many boat dealerships were deemed essential since emergency services often rely on boats for service. However, many of the big names in boat manufacturing closed down and temporarily halted production.
We may be well past those lockdown times, but our inventory of both yachts and smaller boats is still catching up.
Between the start of 2022 to 2026, more than 40 kilometers of super yachts will be built, sold, and launched. According to 2022 Global Order Book numbers, a total of 1,024 projects are in build or on order, and buyers won’t be able to find even a semi-custom project that they can purchase until at least 2024.
Which means demand might be slowing, but we’re still waiting to have the newly listed inventory to connect every boater to their ideal yacht.
Beyond Yachting News: How Other Luxury Markets Are Looking
The business jet market is slowing a bit and the luxury real estate market is slowing as well.
Consumer behaviors in the jet market have shifted in recent years as many businesses have transitioned to remote work. We’re seeing a culture of teleconferencing take rise, which has reduced the amount of time people spend in the air jetting to meetings.
But as travel restrictions ease, we’re expecting jet travelers to increasingly choose to experience luxury as they travel recreationally. And just like in the yacht market, we’re seeing demand stay high while inventory remains low.
Why to Choose a Charter: Yacht or Jet
For those who choose to charter, yacht or jet inventory doesn’t have to be such a high concern. A professional broker can connect you to an available vessel while helping you navigate ongoing travel restrictions and experience a vacation tailored to your tastes.
Because each yacht or jet offers a different chartering experience, working with the right broker can help you match your preferences to a luxury vacation that’s right for you, in a destination that offers an exquisite experience.
Until the fall season comes back again, you’ll be able to find Paula and me traveling world-wide all summer with clients in search of their perfect yacht while coordinating yacht and jet charters for clients across the globe. But when the leaves change and football begins Paula and I start thinking about Florida. And when that time comes, we’ll be coming right back to the Southern Florida sun.