Rise of Affluent Middle-Class Drives Global Yacht Charter Market

Published By : 17 May 2016 | Published By : QYRESEARCH

The global yacht charter market has been growing at an exceptional pace in the past few years. Primarily used for recreational purposes, the global yacht charter market has been witnessing a huge change due to rising disposable incomes and growing interest of consumers in renting yachts. The business of yacht chartering refers to renting of yachts for corporate or recreational purposes. Yachts are mainly used for sailing, parties, weekend getaways, and vacations. Growing class of affluent people is the propelling the global yacht charter market to a large extent. This market is also being driven by convenient ways of booking a yacht and increasing young population that has the ability to rent high-end yachts.

Online Booking Services Drives Global Market
The development of web-based yacht charter applications is also contributing towards growth of this market. These applications are allowing consumers to book yacht services at the click of a button through Internet. Analysts predict that ubiquitous nature of the Internet will drive growth of this market to newer heights in the coming years.

Partnerships between Yachts Owners Benefits Spenders
Some of the burgeoning trends observed in the global yachts charter market are the growing preference for large-sized yachts for large groups, rising number of online booking services, and strategic business partnerships between yacht owners to charter vessels. The strong travel deals, branding ideas, and business and marketing ideas are also likely to accelerate the growth of this market in the near future.

Strong Promotional Activities Widen Growth Opportunities for Global Market
The robust promotional events and activities such as boat shows and parties are also likely to garner a huge number of consumers for this market. Lavish interiors and luxurious yachts is attracting a wider consumer that aspires to occasionally spend on a high-end vacation. 

Currently, the Caribbean and Mediterranean regions hold a dominant share in the overall yacht charter market. However, analysts predict that Asia Pacific will witness a surge in the number of spenders on yacht vacation due to rise of the affluent middle class population.

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