Will Millennials Take Over the Superyacht Industry?

The new generations are beginning to dominate the superyacht industry, and this is bringing many changes regarding materials, designs, and trends.

Age is changing in yacht owners, when comparing the numbers to 20 years ago, the average age is up to 15 years younger. The superyacht owner’s age is predicted to significantly get younger in the future. Therefore, the enterprise must adapt various aspects as change is needed to cater to the younger generation.

The first step towards catering to the younger demographic is by focusing on experiences and connections over materialism and status, which is what some shipyards have done. Since younger buyers are more attracted to the superyacht industry, shipyards must tailor to this evolving panorama with the right design and marketing strategies.

Due to the importance of technology to millennials, it is essential that superyachts undergo some changes with safety, navigation, automation, connectivity, and entertainment systems, which will enhance the younger owner’s superyacht experience. Functions such as fast connectivity will be a focus since nowadays, many millennials are working from home and require their space to be work friendly.

It is important to note that the pattern in the past was for yacht owners to first purchase a small vessel and then purchase a larger one. The younger generation prefers to charter before making any purchases. The chartering economy is set to increase due to this, which allows them more flexibility and choice in terms of ownership. 

With the increase of media attention and overall education on sustainable efforts, younger owners are more aware of fragile ecosystems. Shipbuilders want to cater to this as well by creating more environmentally friendly superyachts that include sustainable technologies.

Furthermore, we can see that shipyards are tackling sustainability by investing in research and development to reduce emissions and increase fuel efficiency. For instance, Lürssen is exploring fuel cell technology, with a yacht set to hit the market in 2025, emission-free while at anchor or cruising, thanks to Methanol fuel cells.

Photo credit: RobReport

In the realm of yacht design, the focus is undergoing a significant transformation, with a newfound emphasis on accommodating a diverse array of recreational gear and equipment suited for various environments. This includes incorporating water toys for leisurely Mediterranean trips and equipping vessels with specialized vehicles for thrilling adventures in the Arctic. Today, yachts are designed with a unique twist, offering spaces that meld the indoors with the outdoors, creating an immersive connection to the ocean. Millennials have made it clear that the preference is for a relaxed, unstructured social areas with open layouts and leaving the traditional behind.

Photo credit: Feadship

The industry will inevitably transform to adapt to the new world where design, technology, communication, ownership models and sustainability caters to the younger generations. This will be a benefit for the sector as it will allow for a more socially and environmentally responsible cruising.

Moreover, a new generation of yacht owners, characterized by their youthfulness, demonstrates a distinct preference for simplicity over extravagance in both the external and internal aspects of yacht aesthetics. Many are gravitating towards smaller, less showy vessels that prioritize practicality and the sheer delight of being out on the water. 

Contact Evolution at hola@evolutionagents.com if you have any questions or require additional information regarding yacht services.

Evolution Yacht Agents is the leading-edge team of professionals dedicated to providing assured and quality support and services to yachts in Spanish waters.

A full range of superyacht specialized services includes: charter license & legal advice, TPA (Vat exemption), customs & logistics operations, provisions & interior supplies, deck & engineering supplies and crew & VIP services.