Industry Survey: New Zealand Yachting Industry on the Rebound

New Zealand yacht manufacturers are feeling optimistic despite the uncertain global economic conditions, with a new survey showing the yachting industry expects to grow at 8% a year over the next 10 years.

New Zealand marine executive Peter Busfield said the yachting industry was projecting sales to grow from $1.68 billion in 2011 to more than $3.7b by 2021, creating almost 10,000 additional jobs. ”If everything goes according to plan we will be contributing almost $1.5b per year to New Zealand’s export earnings,” Busfield said.

The yacht industry survey, covering 330 marine companies, suggests many businesses have recovered from a big  slump triggered by the financial crisis after sales peaked at $2.3b in 2008.

The biggest export segment during the year was superyachts, generating export sales of $197.2 million, and  Busfield said further growth relied on developing more facilities at Auckland’s Wynyard Quarter and Hobsonville in the upper harbor. Superyacht refit and repair was a particularly valuable market, he said, and berthage facilities were needed to grow the business.

While ”arty farty designers” might want superyachts outside waterfront hotels but not the hydraulic lifts required to work on them, ”we’ve kept the pressure on Auckland City to keep this a working waterfront.”

The strong take-up of superyacht berths already provided showed the market was there.

Speaking at the Marine Events Centre in Auckland this morning, Busfield said the two-day Superyacht Captains Forum currently at the same venue was valuable marketing.

”A superyacht captain has a major influence on where the refit is done,” he said.

They were like corporate CEOs, with responsibilities and salaries to match, so it was important to ensure they were well-informed on New Zealand’s facilities.

The event was timed to coincide with the Rugby World Cup as was the Auckland Boat Show starting today, which had been delayed from March at the instigation of Rugby World Cup minister Murray McCully.

While it was hard to attribute particular sales to the event, said Busfield, participants had invested a collective $12m in the four day expo, ”so we’ve got high expectations.”

Surveys suggested sales of $45-$50m were generated from previous boat and yacht shows.

Source: BusinessDay, New Zealand

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