Yachting supports a vast network of jobs and contributes significantly to local and global economies (valued at USD 26.00 billion in 2023 and expected to reach USD 40.40 billion by 2029). In the Mediterranean, it supports over 450,000 jobs across various sectors, including construction, design, maintenance, marina, legal, financial services, and hospitality.
Recent actions by environmental activists, such as the vandalism of the €300 million yacht 'Kaos' in Ibiza by the group Futuro Vegetal, highlight the increasing scrutiny the industry faces also regarding its environmental footprint. This underscores the need for the industry to adopt and promote sustainable practices.
What Are the Steps for Ensuring Future Success?
The industry could focus on:
- Innovating with Sustainable Technologies: Investing in and adopting green technologies to make yachting more appealing to environmentally conscious consumers.
- Promoting Career Opportunities: Highlighting the diverse career paths in yachting to attract talent from various fields, fostering a more inclusive industry. Monaco is a great example with initiatives organized by the Monaco Yacht Club, La Belle Classe Academy, and Monaco Capital of Advanced Yachting.
- Enhancing Transparency: Being open about the industry's efforts in sustainability and community involvement to build trust with the public.
What Strategies Could the Yachting Industry Use to change public perception?
Changing public perception requires a multifaceted approach in my opinion:
Emphasizing Economic Contributions: Communicate the industry's economic impact through reports and media engagement. Focusing on Sustainability: Highlight eco-friendly practices and marine conservation efforts to attract environmentally conscious audiences. Adopting alternative fuels and engaging in marine conservation can help align with the values of younger generations and ensure the industry's long-term viability. Sharing Real Stories: of the professionals behind the scenes to humanize the industry and show its diverse talent. Engaging the Younger Generation: Use social media, educational webinars, and career fairs to showcase career opportunities in yachting. Collaborating with Influencers: who value sustainability and craftsmanship. Community Involvement and Philanthropy: Demonstrate a commitment to giving back through community service and philanthropic initiatives. Supporting local initiatives, funding marine research, or engaging in community service shows that the industry is not just about luxury but also about contributing to the greater good.
The future of yachting lies in embracing transparency, sustainability, and inclusivity, ensuring its long-term success and positive impact on society. By addressing misconceptions, emphasizing sustainability, and engaging in community involvement, the industry can reshape its public image and demonstrate its value beyond luxury and opulence.
07/2024
This article was originally published on Seaside Magazine. The information is for general purposes only and should not be relied upon as a legal or tax advice. Specific guidance should always be obtained on ownership structuring, registration and operation of a yacht.
For more information, please contact:
Janet Xanthopoulos
Director and Head of Yacht & Jet Department
j.xanthopoulos@rosemont-yacht.com