A closer look at Yacht Jerico and Coast Yachts
Valued at $ 6.5 billion in 2019, the size of the global yacht charter market grew to $ 8.15 billion in 2020. Grand View Research has predicted that the size of the global yacht rental market will continue to grow at a compound annual growth rate (CAGR) of 5.2% through 2027.
The increase in nautical activities, the increase in disposable income and the changing preferences of travelers around the world are the main reasons for the growing demand for yacht charter. People prefer luxury tourism, personalized service and visiting exclusive destinations.
Therefore, manufacturers are focused on delivering the ultimate customer experience through enhanced performance features and luxury functionality. Yacht charter companies like Coast Yachts and Yacht Jerico make sure to meet the demands of their customers by offering them a fleet of yachts with unique features.
Unique offers for unique people
Many marine bookings in 2020 have been postponed to 2021 by yacht charter companies, but it’s not just these bookings that are driving demand. There has been enormous interest in luxury maritime tourism which includes personalized service in 2021, mainly driven by the need for strict hygiene and safety standards.
According to yacht charter companies like Coast Yachts and Yacht Jerico, more and more people are seeing the benefits of taking a vacation at sea on a luxury yacht charter. They love having the opportunity to combine transport and accommodation in some of the best coastal destinations in the world, where they can enjoy crystal-clear waters, secluded beaches, and amazing snorkeling spots.
Despite the pandemic, 2020 was the year that there was a 7.6% growth in wealthy individuals around the world. High net worth individuals in the United States grew 12.3%, nearly double that of the rest of the world, once again overtaking Asia after five years, according to the Capgemini report. This infusion of wealth is fueling the current growth in yacht charter demand.
Boat builders and growing demand
According to the National Marine Manufacturers Association (NMMA), boating is extremely popular in the United States and is enjoyed by 100 million Americans each year. The growing demand for outdoor recreation, especially on the water, means boat builders are struggling to keep up with the increased demand. The figures show that 95% of the boats sold are made in the United States. The shortages in the availability of new vessels are mainly caused by a labor shortage and the current disruption of the supply chain.
Meet customer needs with different types of yachts and other offers
Yacht sizes can vary and yacht charter customers usually have a wide variety to choose from. The age, size and reliability of the yacht can affect the rental price. The prices are also affected by the reputation of the crew. Motor yachts are by far the most popular type of boat, but they are a bit more expensive to charter than sailing yachts.
Charter destinations also affect charter prices, with remote areas costing more to sail than destinations where there is an established yachting industry. It is usually more difficult to find charters in areas with a short season and in high demand. Miami is a popular destination, especially with Americans in colder states.
The most popular yacht charter terms are one week, but shorter terms are becoming more and more popular. Innovative yacht charter companies also provide exciting opportunities for people to spend a day or less at sea. Besides bedrooms, showers and dining areas, most yachts offer plenty of recreational opportunities like water toys, submersible bathing platforms, etc.
Making waves in the yacht charter industry
The growing demand for yachts does not mean that the yacht charter industry is not an extremely competitive market. Offering diverse and unusual equipment helps businesses stay competitive, especially in areas where there are many yacht charter businesses.
Yacht Jerico is a Miami-based rental company that’s making waves. They have become the celebrity yachts of choice by differentiating themselves from the competition and offering an outdoor nightclub on the water. Their yachts are equipped with various services, including an aerial beam searchlight.
Yacht Jerico’s rental yachts are almost exclusively Pershing yachts, chosen for their superb craftsmanship and engineering. Powered by Rolls Royce, these highly prized Pininfarina designed yachts are the ideal boats to book for a night of fun at sea!