Over 30% Are Sure Yacht Sales Will Continue to Rise

It is important to note that inflation in an economy affects all households and individual shoppers differently. With the rise in inflation, the gap between the rich and the poor widened. While low-income shoppers have pulled back on purchases of luxuries, wealthier shoppers continued to splurge. This revealed that despite the global economic “slowdown,” demand and sales for a few products in fashion, health, and beauty continued to increase.

In one particular case, the sale of another luxurious product has been rising exponentially recently. This year’s 31st annual Yacht Show in Monaco reported a boom in sales of superyachts of up to a value of at least $3.8 billion. The numbers left many wondering how this was all possible in times of turbulence.

Real Research, an online survey app, launched a survey on boom of sale of superyachts despite global turmoil in an attempt to uncover some reasons behind the splurge.

Highlights:

• 46.36% have been following news eagerly to keep themselves updated with worldly affairs
• More than one-third (38.48%) of respondents own a yacht
• The record-high inflation rates affected 40.40%, resulting in them experiencing a rising cost of living

Most Get Updates About Worldly Affairs on News

News is the information that keeps people abreast of changes in events, issues, and characters in the world. It provides citizens with the information they need to help make the best possible decisions that will dictate how they want to go through with their lives. This Real Research survey revealed how many respondents keep themselves updated with worldly affairs through the news. 46.36% have been following the news eagerly, while 29.89% did before but not anymore. The rest of the 23.74% never had.

Among other worldly affairs, a boom of superyachts has been a news highlight for some months, of which 46.91% are well aware. Another 28.65% have heard few details about it, whereas 24.44% have not.

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In particular, during the 31st annual Monaco Yacht Show, the superyachts that gathered for the event had a combined value reaching $3.8 billion despite global turmoil. Surprisingly enough, 61.74% are aware of this, and the rest (38.26%) are unaware of it.

How Can One Afford a Yacht?

Owning a yacht sounds like a dream come true.

Nevertheless, only if there is a large sum of money burning a hole in the pocket should one consider making that dream a reality.

Interestingly, the survey results revealed that more than one-third (38.48%) of respondents own a yacht. Another roughly one-third (30.54%) know someone who owns one, while the rest (30.98%) neither hold nor are aware of someone owning a yacht.

Yachts are argued not to be the best financial investment. If the only goal is to make money, there are far easier ways to do this than purchasing a yacht. To name a few, one can invest in the stock market or real estate or start a business. So what are other reasons, aside from 14.08% saying it is a form of investment?

Most (30.61%) observed people still have stable incomes, whereas 18.25% believe yachts are a hobby. Others think the pandemic played a role in this as another buying trend (12.95%) and a reason to socialize with other yacht owners (12.31%).

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Whatever reasons yacht owners might have for purchasing, 30.48% are sure yacht sales will increase further. 20.58% say it is ‘somewhat unlikely,’ and 13.19% say it is ‘somewhat unlikely.’ The rest (12.96%) are doubtful that sales will continue to rise.

Consumer’s Income Level and Cost of Living

Many people face difficult choices about what they should buy and what they can only afford. The record-high inflation rates affected 40.40% to experience a rising cost of living. Currently, there is 24.07% still experiencing the crisis, and a distinct 18.14% have had but noted it is now reduced. Luckily, 17.39% never had to deal with a rise in their cost of living.

There are a lot of factors that can affect sales in the market. For instance, there is the consumer’s income level, which 32.51% believe is highly effective in predicting future sales. While 19.33% say it is somewhat effective, 13.29% say it is ineffective. In comparison, 12.78% believe it to be very inefficient.

Also Read: Up to 40% Believe the Russia-Ukraine War Caused a Spike in Inflation