“The State of Wealth, Luxury and Yachting,” produced by Camper & Nicholsons in conjunction with Wealth-X, has been recently released revealing some interesting facts about the world’s ultra wealthy and their relation with the luxury yachting sector.
The report provides in-depth market analysis and insights into the rapidly changing face of luxury, with a new, younger generation of Ultra High Net Worth Individuals (UHNWI) increasingly focused on pursuing rare, tailored experiences over accumulating replicable ‘things.’
The report reveals from an interesting perspective why Superyachts are a suitable platform to satisfy the needs of UHNWI, as the pursuit of luxury moves from goods and services to unique experiences. Today’s owners want a far different experience than that of their predecessors. Yachts are being bought and chartered not for the sake of using a luxury product, but to venture somewhere, especially lesser-traveled places. The western Med is continuing to lose favor over Antarctica, for example, even with its extremely limited access. And that’s the point. “Hunting for unique experiences makes a person unique, much more than owning material goods,” the report says. “Plus experiences will be different each time–which is exactly what the UHNW of this generation are looking for.”
The full report can be read by clicking over the image and/or here.