A new generation of yacht owners are changing the industry

  • June 7, 2023
A new generation of yacht owners are changing the industry

Superyacht Life Foundation (SYLF) is a non-profit commercially agnostic industry body that champions the positive people, places, projects and impacts surrounding the superyachting industry. Over the last few years, SYLF has seen a dramatic shift in the industry due to millennial superyacht owners and this change is having a remarkable effect on the industry.

Millennial superyacht owners are on the rise. It is predicted that within the next 20 years, the median age of superyacht owners will decrease from the 45 – 55 range to the 35 – 45 range… and with a new face of superyachting comes significant change:

  • New generation of yacht owners are more environmentally conscious - greener yachts are in demand. Diesel-electric hybrid yachts are rapidly increasing in popularity. Millennials are also opting for more efficient hull designs to reduce fuel consumption and there is an increasing focus on how to reduce energy consumption on board.
  • Sustainable luxury with eco-friendly interiors - Re-purposed wood, recycled plastic materials, and more commonly available woods – which can be made into exquisite flooring, wall coverings, or cabinetry are just some examples of the materials that are going to be used more frequently by new yacht owners in the coming years.
  • Health-conscious design - younger Superyacht owners are becoming increasingly focused on health and wellness, and yacht designers are having to adapt to fit this demand. Owners are now requesting the installation of not only state-of-the-art gyms, but also dedicated yoga studios, martial art areas, hammams, saunas and spas. Traditionally, gym spaces were outside, but they are now getting their own dedicated spaces inside and becoming a big feature of the superyacht.
  • Cutting-edge technology - with new generations who are tech-savvy comes an evolution in demand for development of new technologies – such as the creation of smart-zone software using AI to reduce energy consumption on board.
  • Shared ownership will see an increase of younger yacht owners - fractional ownership of yachts is a relatively new approach that allows those keen to own a yacht to do so without having the costs of sole ownership, while adding an element of environmental responsibility. It can be easy to see superyachting as being accessible only to the top 1% – however, with the growing number of fractional ownership schemes, the world of superyachting has been opened up to a new and much wider community of potential owners.