Rich Chinese buying yachts at record pace, and tropical Hainan is cashing in
- China’s tropical vacation destination, in its southernmost province, was the darling of domestic tourists as coronavirus restrictions limited their options to travel abroad
- Even during the pandemic, China’s yacht market bucked consumer-market trends by registering big growth
The future for China’s yachting market – a barometer of the domestic economy and the upper class’ disposable income – is looking lucrative, despite short-term challenges, and it signals a robust rebound in China’s tourism and high-end-consumption markets, according to analysts.
As China’s tropical island province, Hainan boasts the most yacht wharves and has the largest domestic yachting industry and market, due to its geographical and industrial advantages, and has seen rapid market growth despite the pandemic.
“Yacht sales are a barometer for society’s spending power. When consumers are living a better life, business activities are frequent. As a result, the entire industrial chain for yachting will be bustling,” said Zhou Luming, president of the Hainan provincial Yacht and Tourism Association.
Even during the pandemic, the yacht market bucked the trend and saw big growth.
According to the most recent official figures, there were 1,600 registered yachts in Hainan by the end of 2021, which marked a 29 per cent rise from 2020. And more than 5,000 industrial workers were certified to drive yachts in the province, or 66 per cent more than in 2020.