The pandemic had a severe impact on industries across the world. The yacht industry was no exception and saw a significant slowdown in its operations. However, there were some positive developments too which came as a surprise to most people who are associated with the industry.
From increased purchase demands for boats for sale in Miami to a shortage of production capacities due to logistical delays, the industry went through ups and downs – some of which have opened opportunities in the future. Here is an overview of what the industry went through during and after the pandemic. We also bring you the top trends that will dominate the industry in 2023.
An Unexpected Surge in Demand Spurred by the Pandemic
One of the key observations during the pandemic was that there was a significant spike in the demand for boats for sale in Miami. With travel restrictions put in place to prevent the spread of infection, those who had the funds for extended yacht holidays fuelled the demand for party boats new and used boats for sale in Miami. There was a clear aversion to resort- and hotel-based breaks and the vacationers made a beeline for yachts. For those who owned yachts, spending the summers on water became a go-to. However, the one glitch that this group had to face was a delay in maintenance and repairs due to delays caused due to logistical and supply chain disruption.
Others realized the value of investing in a yacht and hence there was a surge in demand for the purchase of boats in Miami. This demand had spiked to a level yacht where boat brokers in Miami were struggling to take queries as multiple buyers were incessantly checking on costs within 24 hours of posting availability.
The industry also saw the adoption of technology to facilitate sales. Zoom, FaceTime, and video conferencing became regular tools for brokers to show boats on sale in Miami to potential buyers. There are reports where purchases were frozen by buyers without physical viewing.
While the pandemic situation was a mix of positive and negative experiences, the yacht industry is looking at some encouraging developments in 2023. Here is a look:
Key Trends That Will Dominate the Industry in 2023
The year 2022 saw the industry reviving quite well. Reports state that the global yacht industry was estimated at USD 16.9 billion in 2021 and it is expected to grow to USD 26.5 billion, approximately, by 2027.
One of the areas that will reflect major changes is marketing. The pandemic introduced social and digital marketing tactics to the yachting industry for the sale of both used and new boats for sale in Miami. Social and digital marketing techniques are expected to continue to dominate the yachting industry. Here’s a look at the few trends that we can expect to see in the industry in 2023.
Social Engagement with Audience
From nano influencers to live streaming on social media platforms, the industry will see an increase in tactics that are aimed at establishing a direct connection with the target audience. The pandemic allowed marketers and boat brokers in Miami to engage more meaningfully with their audience through social media. This is a trend that is expected to receive increased focus in 2023 too.
Hyper Personalisation
Data-driven market campaigns are a reality now as they help in putting out tailor-made campaigns that appeal directly and more impactfully to the target audience. The yachting industry, like the rest of the industry, is also expected to rely on AI and ML-generated data for fashion marketing initiatives that are highly personalized to boost conversions.
In terms of services and facilities aboard a yacht, the following trends are expected to dominate the sector in 2023:
Sustainability
The pandemic also served as an eye-opener for people, businesses, and industries across the globe. With limited travel and communication, people understood the importance of environment conservation and the compelling need for sustainable practices.
In this context, the yachting industry is expected to take up practices that make their business sustainable and environment-friendly. Several yachts are expected to include features such as natural, environment-friendly interiors, recycling materials, low fuel consumption practices, hybrid engines, etc.
Yacht Owners in the Charter Market
The demand for charters is growing tremendously and boat brokers in Miami are struggling to manage bookings for 2023 as most yacht owners have not confirmed their availability. In this scenario, it is expected that owners might enter the charter market in their individual capacities.
Want to know more about the new boats for sale in Miami? Reach out to experts at the Miami International Yacht Sales today!
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Miami International Yacht Sales is one of the most trusted names for boats for sale in Miami. From new boats to used yachts, Miami International Yacht Sales has the experience and expertise needed to close a profitable deal. To know more, you can write to us at bob@MiamiYS.com or call us at +1-305-857-8939.