Denison Yachting reveals significant increase in yacht sales in Q1 2021
by Denison Yachting 15 Jun 2021 07:49 PDT
Full steam ahead with Denison Yachting © Denison Yachting
The pandemic boosted luxury yacht sales. Denison reports that the first quarter of 2021 reveals a significant increase in yacht sales across international, United States, and Florida markets.
By the end of 2020, Denison experienced one of its best years in terms of yacht sales, charters booked, and marketing goals and is still riding that wave into 2021. In 2020, Denison sold 83 superyachts, with an annual growth of over 13%. In the first quarter of 2021, Denison sold over 40 superyachts, surpassing 2018, 2019, and 2020, respectively.
"Our industry is still riding the great wave of 2020," commented Bob Denison. "Our first quarter numbers set new records for us organizationally across all revenue categories."
With a strong start to the year, what are some predicted challenges for the coming months?
"New construction opportunities and good deals on the brokerage market are very hard to come by. I expect this to be the great challenge our industry faces in 2021," said Bob Denison.
The yachting industry is gaining momentum around the world. Denison expects 2021 to be its best year in a decade and is excited to lead the way in global superyacht sales.
All yachts sold worldwide in Q1 from 2008-2021
Global yacht sales haven't seen a first quarter this strong since 2018. Industry numbers that compare Q1 2020 to Q1 2021 show a huge leap in boats and yachts sold worldwide.
Data reveals that the U.S. makes up about one-third of global boat sales. In North America, 9,336 boats were sold in Q1 2021 compared to 6,526 boats sold in Q1 2020. Europe and Asia also experienced a strong first quarter with a significant increase in yacht sales compared to Q1 2020 and 2019.
Why is there a noticeable increase in yacht sales worldwide? Possibly, a "you always want what you can't have" situation — travel restrictions during the pandemic may have increased people's desire to get outside or vacation safely. Boats and yachts provide that escape for people around the world.
All yachts sold in Q1 from 2008-2021, United States
Denison reports that an impressive Q1 in North America may be due to more new superyacht buyers. First-quarter regional boat sales in the U.S. from 2008-2021 reveal that the Southeast sells 3 times more yachts and boats than the Northeast or the mid-Atlantic regions. Almost 50% more than the Northeast and mid-Atlantic combined.
"The first quarter of 2021 has been strong due to continued demand from 2020," said Bob Denison. "Yachting's competitive industries, such as skiing and higher-end vacation experiences like cruises, are still being affected by extended lockdowns, which have created a special opportunity for our industry."
All yachts sold in Q1 From 2008-2021, Florida
Florida is among the most desirable boating destinations. The third most populated state makes up about 25-30% of all U.S. boat sales. Florida experienced its best Q1 in over 10 years with a leap of 1,008 more boats sold in Q1 2021 than Q1 2020.
Why Florida? The sunshine state experienced less restrictive lockdown measures than the rest of the country. Snorkeling, diving, kayaking, fishing, boating, and yachting are popular (and safe) Florida activities — people flocked south to get outdoors and enjoy the water. For yacht brokers, it was business as usual in the sunshine state.