What do Chinese billionaires want in a luxury yacht?
Luxury yachts must be cool, culturally relevant and big: Benetti Yachts Asia’s GM outlines the current seafaring tastes of the region’s super-rich
Founded in 1873, Benetti is one of the world’s oldest shipyards specialising in luxury yachts. It’s an icon of timeless Italian style and excellence in construction and craftsmanship: traits sought after by the new generation of super-wealthy, ocean-faring Asian clientele.
In our industry, potential customers can rarely see an 'example of a finished product', as of course yacht owners are generally very private and wouldn't want their own yacht to be used in this way
Benetti designs, builds and sells vessels – every yacht being unique and developed around its owner – from 29 to more than 100 metres, constructed in Livorno, Italy. They entered the Asian market in 2010, operating out of Hong Kong where their “Dedicato” is also based; a five-year yacht management programme for ongoing aftercare. We spoke to Peter Mahony, the general manager of Benetti Yachts Asia, at the recent Singapore Yacht Show – where Benetti won the award for Best Custom Built Yacht – to find out about the new tastes and preferences of Chinese billionaires.
What are your strategies for accessing and speaking to the UHNWI (ultra-high net worth individual) target customer?
As our consumers are the ultra-wealthy, this is a good question but difficult to answer. As any relevant business would find, it's far from simple to connect with the ultra-wealthy segment because billionaires receive many invitations, contacts and pitches every single day and are selective of whom they speak to and when.
We benefit from a heritage and quality that means strong word-of-mouth from existing clients to their own network. Aside this, we take part in events such as the Singapore Yacht Show as well as specific broker events. These are arranged with yacht brokers, which many may not have heard of but who are specialists in yacht sales. Other successful events are focused around the captains, partly because they deal with boats every day and are very in-the-know, which gives potential buyers an extra note of authenticity and prestige.
In our industry, potential customers can rarely see an ‘example of a finished product’, as of course yacht owners are generally very private and wouldn't want their own yacht to be used in this way. As well as targeted media, we try to be more creative, such as involvement with Design Shanghai to spread our reach. We also work with different partners such as private jets, private brands and fine jewellery brands that are hoping to connect with the same audience.
What are some of the design requirements of customers in Asia compared to the rest of the world?
Asian consumers use their boats in many different ways. For some, they prefer to use it less for exploring distant waters and instead opt for short excursions, like island-hopping nearby, which means that often bedroom space is less important than entertaining space. For others the yacht is a platform for exploring.
An Asian-owned yacht is likely to have a variety of culturally-relevant features, such as customised round tables and rooms for majhong or karaoke. Also, sunbathing is less popular so there’s more indoor, cooler space and less open-air space for laying outside directly in the sun. Interestingly there are other very specific tastes – such as the Asian market prefers a vertical bow, stability, silent running, hosting large groups on board all determine layout and function.
With the target Chinese consumer less mature than the yachting demographic in the West, how do they see yachts as a concept?