Top 6 Yacht Sales Insights, after boot Düsseldorf, for February 2023
February 7th, 2023
After a break of 2-years because of COVID-19, the big beast of a boat show that is boot Düsseldorf was back. A few manufacturers did not attend but there was a good cross section of our yacht sales industry and we saw clients from all corners of the planet – from the Solaris and Marex Boats stands. The show was busy and although there were those who said it was quieter than pre-COVID times, we tend to think that they may have forgotten the scale of the Düsseldorf boat show site and its ability to gobble up literally thousands of souls in its complex of 17 halls.
It is a microcosm of our marine industry and as we promised, it allowed us as a Sales Group more visibility to assess where we think the market is today –
More interest in bigger yachts – by this we mean 50 feet plus. It was obvious looking at the exhibitors that this was the case. Larger yachts were attracting the interest and we saw a lot of qualified purchasers whilst we were at the show.
The small yacht market seems to be faltering. A yacht is a discretionary purchase and as things get more difficult, we expect this to be the trend.
New yacht prices are very much on the up. Increased material costs, inflation and pressures on the supply chain are all having an effect.
Because new yacht deliveries are out to 2024, manufacturers are having to compensate for future inflation and price rises and to plan now so that these can be passed onto the yacht buyer.
Yacht buyers are very aware of the ramp in pricing and for some this has put a new yacht out of contention not on grounds of affordability but more in terms of the value that a new yacht can offer.
Brokerage prices are holding against this backdrop of rising prices but they are not rising. Owners have to be very careful not to over price as there is a definite delta without which a buyer will go for new, another brokerage yacht or not buy at all.
So far, the numbers on yachts going under offer is similar to 2022, but sales are taking longer as no one is keen to take delivery until the spring.
We will bring you more insights same time next month.