Fraser reports a 10-year drop in its clients' average age
Fraser has reported a 10-year drop in the average age of its customers due to an increase in young cryptocurrency investors and tech executives entering the market.
Pre-pandemic, Fraser’s clients averaged 55-65 years old but now they have dropped to between 45-55, with its youngest clients aged just 25.
Speaking to Yahoo! Finance, Fraser CEO Raphael Sauleau said that had been “a clear shift in who is buying yachts and the number of people who are buying yachts.”
He added: “The younger customers who are joining our industry may come from Bitcoin investments, hedge funds and some are just selling their IT companies. The background of these young buyers is pretty diverse, but it is mainly internet companies and finance.”
Global wealth increased throughout the pandemic, creating many more ultra-high net worth individuals. According to Forbes, 493 new billionaires were created in 2021, including nine crypto billionaires.
Another key change has been clients' “realisation” that business can be done “away from the office”, Sauleau said.
“Customers realise they can spend four, five, six months in a row on the boat together with family, kids and sometimes tutors (…) - that has been a big trigger for many.”
Low inventory persists on the second-hand brokerage market while customers hunting a new build superyacht face a “four to five-year wait”, Sauleau said. Despite the squeeze on inventory, the “appetite for yachting is there," he said.
Full article can be found here on Boat International.
Original video interview on Yahoo! Finance can be seen here.
