Chinese yachting revolution no certainty

Raleigh Addington
Raleigh Addington
editor at Chartwell Speakers

As the Chinese super rich look for ways to spend their millions, buying a yacht is certainly one one way in which they can splash their cash. Whilst many observers claim that there exists great potential for a lucrative yachting culture to take off in the world’s fastest growing major economy, others are more hesitant and point to certain Chinese consumer habits which could prove difficult barriers to surmount.

Dr. Keyu Jin, assistant economics professor at the London School of Economics, and an expert speaker on the Chinese economy, points out that unlike “Brazil – another emerging market for yachts – Chinese people don’t like beaches much, they don’t like the sun and they’re not interested in getting a tan.”

But those such as Traugott Kaminski, China CEO for upmarket yacht firm Sunseeker, are adamant that the wealthiest Chinese consumers will ensure that the Chinese market for yachts will eventually be bigger than the whole European market put together: “There’s no question that Chinese have the appetite and the deep pockets for a thriving yacht culture” he argues.