Demand For Yachts Increases in Thailand as Wealth Levels Grow
Gulf Craft’s newest entry-level yacht, the Majesty 48, has arrived in Thailand, just as the country prepares to host one of its largest boating events, the Ocean Marina Pattaya Boat Show.
Albeit a short step away from Superyachts.com's usual subject focus, Gulf Craft is perfectly illustrating the level of demand gradually emerging from South East Asia.
“We are very confident that the Majesty 48 will grow into one of our most popular models in Thailand, as recent market intelligence shows that demand for entry-level yachts is growing in the country in line with growing wealth,” said Erwin Bamps, Chief Executive Officer of Gulf Craft.
According to a recently released report by the Royal Bank of Canada and Cap Gemini SA, Thailand’s HNWIs increased their wealth by 11.2% from a year earlier to $396 billion. The number of millionaires in Thailand rose by 9.2% to 80,000 while "ultra" high-net-worth (UHNW) individuals rose 2% to 527.
Looking ahead Thailand is expected to add nearly 300 UNHW individuals (a 52% increase) by 2023. According to Bamps, the increase in UHNWIs who desire a small yacht for quick family outings and entertaining friends and colleagues is pushing interest in smaller, fully-equipped, easy-to-manage models such as the Majesty 48.
“Gulf Craft introduced this yacht to the international market earlier this year and the feedback has been very positive with several clients describing it as the perfect family-fit. The yacht features a spacious fly-bridge, 3 cabins – including a full-beam master suite – saloon dining, galley kitchen and concealed crew accommodation, making it an excellent choice for frequent outings,” said Bamps.
Thailand’s active boating culture – supported by a sophisticated marine infrastructure, stunning natural waterfront and open regulatory environment – make it a top cruising destination among boat owners and tourists residing in the region.
The Majesty 48 has been sold in Thailand through Gulf Craft’s dealer Go Boating Thailand, who offers full pre and after-sales support including a locally-based service yard, technicians and engineers.
Gulf Craft’s foray into South East Asian markets extends back to 1992. Sales of Gulf Craft’s range of Oryx sport cruisers, Silvercraft fishing and family boats have since grown strongly. The company has also witnessed growing interest in its premium yacht brand Majesty Yachts in recent years with its Majesty 88 and Majesty 56 models drawing particular attention.