How Yachting Escaped the COVID Crisis

In Monaco alone, the yachting industry employs over 1,500 employees, sees a 753 million euro turnover, and is home to 252 different companies. And even throughout the COVID-19 pandemic and local lockdowns and restrictions, the yachting sector seems to be faring far better than others.

According to recent data, sales of yachts over 30 meters long were up at the beginning of 2020, compared to 2019. The sector picked itself up during the summer months, and by the end of October, the numbers equaled those of 2019.

As a whole, the industry has seen a huge decline in the charter segment. The sector has seen a 30% decline and has affected the entire industry.

However, the lack of charters it is not due to a lack of demand, but rather to a lack of destinations. Officials are remaining optimistic for a fairly significant rebound in the winter period, particularly for the Caribbean.

In addition to charters, short-term boat rental has also been impacted by the pandemic. Numerous rental companies around the world, and especially in Monaco, have witnessed a severe decline.

Nonetheless, sales of yachts are up.

“All in all, if we smooth out the 2020 figures for the yachting industry as a whole, by the end of September we were at +5% compared to 2019,” says Raphael Sauleau.

Yachting offers an easy way to socially distance and get outdoors, all without putting one’s health at risk.

For those who can afford it, yachting offers a safe and reliable way of mitigating the effects of the pandemic. Up until this point, the industry has been able to keep its existing clientele and conquer new markets.

Coronavirus or no Coronavirus, yachting undoubtedly has a bright future ahead.