CHARLES BEAUMAN SENIOR RESEARCH ANALYST

Our industry has done well over the past few chaotic years and has set itself up for a multi-year rebound. Our order books are full, refit slots are bursting with demand and second-hand sales are climbing at pace.

Yet one thing stands out to me as a significant issue over the next decade: our industry’s attractiveness to younger generations.

When I talk about youth engagement, I’m not just referring to the employment sector. Yes, there is an ever-increasing need to recruit and train more skilled workers in our industry. There are ways we can do that but, let’s be honest, we have to step up our incentive game in the world we live in.

To capture a bigger portion of the UHNW market, we need to appeal to younger generations who are focused on being socially and environmentally responsible. But how can we cater to that sense of responsibility when current trends show our industry is not moving quickly towards sustainability?

Furthermore, yachting is of low interest to the UHNW crowd who inherit wealth. The next decade will see a record transfer of wealth to the younger generations – roughly half of all wealth. This transfer threatens to alienate our industry even more as their interests are likely to shift.

Overall, it’s difficult for me to believe that our industry is currently capable of attracting the growing numbers of young UHNWIs. We would need to stop ‘doing things how they have always been done’ and revolutionise the way we think and operate. The old way of thinking is not dynamic enough for younger generations. CB