As the 2024 Fort Lauderdale International Boat Show approaches (Oct 30 – Nov 03), the U.S. yacht brokerage market is navigating a landscape shaped by shifting buyer behaviours and broader economic factors, such as the US presidential election.
According to industry reports, U.S. owners account for 23.7% of the global superyacht fleet over 40 metres, making the U.S. a critical player in the global market. As such, economic and political fluctuations in the U.S. are felt globally, affecting both buyers and sellers.
To understand more about America’s evolving luxury yacht sales market, we sit down with two of our yacht Sales and Purchase specialists based in the U.S.
State of Play in the U.S.A.
After several years of unprecedented growth resulting from pandemic-driven demand, the luxury yacht sales market is now stabilising amid broader economic shifts. According to the Superyacht Times’ State of Yachting 2024, superyacht sales declined globally by 17% from 2022 to 2023 as the market corrected after the pandemic.
Combine this with broader socio-economic pressures in 2024 – from inflation and rising interest rates, to geopolitical uncertainty and the upcoming election – and many prospective buyers are adopting a “wait and see” approach.
Despite this, Chris Collins (Ocean Independence Sales & Purchase Director) is optimistic that this slowdown simply reflects a broader market normalisation. “Global events have long influenced but never fully dictated market trends and behaviour in luxury yacht sales, so we are confident in a return to pre-pandemic levels in the coming months.” He adds, “Buyers are reassessing the timing of major purchases, but yachting continues to offer the privacy, luxury, and adventure our clients value.”
Chris’ judgement seems well placed, with continued interest in yachting, particularly in the charter sector. Ocean Independence has seen a strong 2024 summer charter season, signalling a sustained appetite for luxury yacht experiences and a positive long-term outlook for the industry.
As another of our Florida-based yacht Consultants, Bob Friscia puts it: “With challenges come opportunities. In times of flux, working with an expert consultant who understands the nuances of such a market becomes more valuable than ever. For sellers, understanding market dynamics is crucial in grasping pricing strategies and positioning yachts to meet the evolving market demands.”
Market Trends
Upsizing to Larger, More Versatile Yachts
A growing trend among U.S. yacht owners is stepping up to larger, more versatile yachts. Many buyers are upsizing to vessels with increased gross tonnage (interior volume), range, fuel efficiency, and the latest technology (namely high-speed internet, office spaces, and advanced entertainment systems), reflecting a desire to spend more time on the water, be it for business or pleasure.
“Clients today want more than just luxury; they’re looking for yachts that offer versatility and adventure,” says Chris. “The ability to explore remote destinations while maintaining the comfort of a home-away-from-home is becoming a key factor in purchase decisions.
As a result we are excited to showcase two 50-metre Heesens at FLIBS this year (2021-built ELA and 2022-built BOOK ENDS), they both exemplify the benefits of stepping up to a larger yacht, offering exceptional range, fuel efficiency, and luxurious amenities, with the finest build quality from a reputable Northern European shipyard.”
Strong Demand in the 24-35 metre sector
In addition to larger yachts, another segment generating strong interest in the American market is the demand for modern, stylish, and sporty tri-deck and open yachts in the 24-35m range. Leading shipyards like Horizon and Pershing are at the forefront of this sector, offering vessels that provide a more intimate and informal platform for families and friends to enjoy the yachting lifestyle. These yachts are particularly well-suited to the shallow waters around Florida and the Bahamas, making them highly appealing to U.S. buyers looking for luxury in a compact package.
“Despite their smaller size, these yachts feel anything but cramped,” says Friscia. “Modern construction methods and smart design solutions allow for exceptional use of space, maximising both interior volume and exterior deck areas.” An excellent example is the Horizon FD series, where the large galley, forward of the salon can be partitioned off for privacy or opened up to create an inviting, open-plan, class leading space—ideal for entertaining.”