Luxury yachting is an activity that generates significant sales for local economies. France has a major advantage when it comes to attracting these sumptuous vessels, thanks to its coastlines around the world. From private yachts to cruise lines, find out how luxury yachting influences the local economy in France.
What is luxury yachting?
Yachting is defined as pleasure boating. Vessels are powered by engines or sails. The main interest of luxury yachting is to offer a very high level of comfort on board. Design is just as important. Shipbuilders and shipowners want to offer their customers elegant models, designed to provide an intimate atmosphere.
In 2023, yachting ship deliveries were doing very well. It generated an estimated turnover of 5.9 billion euros. 88% of yachts over 30 metres came from European shipyards.
France: a country with a presence in every corner of the world
France has the second largest maritime area in the world, just behind the United States, thanks to its 10.2 million km², 97% of which is overseas. France is present in all the world’s oceans:
- North Atlantic Ocean: Saint-Pierre-et-Miquelon ;
- Caribbean Sea: Guadeloupe, Martinique, Saint-Martin, Saint-Barthélemy;
- Pacific Ocean: French Polynesia, New Caledonia;
- Indian Ocean: Reunion Island;
- Southern Ocean: Antarctic bases.
In mainland France, the Atlantic and Mediterranean coasts account for 5,500 kilometres. In total, the country has more than 20,000 kilometres of coastline. Luxury yachting therefore has a major influence on the various local economies.
The influence of luxury yachting on coastal regions
The influence of luxury yachting on France’s various coastal regions is palpable in economic terms.
Focus on the economic influence of luxury yachting in the South of France
In the South of France (Provence-Alpes-Côte d’Azur), the economic impact of yachting is significant. It generates around €1 billion in sales. 10,200 jobs depend in part on yachting activities.
The influence of yachting on the local economy in the South of France has prompted the Regional Council to set up a Regional Maritime Parliament. It is looking closely at investment needs to support the yachting industry in its energy transition and technological transformation.
The Principality of Monaco is a privileged destination for luxury yachting enthusiasts. It ranks third in the world, behind the United States and France, in terms of yacht brokerage and management. Monaco’s ambitions for 2025 are based on sales of €1 billion, with 1,800 jobs on land, compared with 1,500 in 2017.
Nice is not to be outdone, with a port redevelopment project underway. It plans to welcome shipowners specialising in luxury cruises, as well as luxury yachts. The spin-offs for the local economy are particularly promising.
Toulon and Antibes are looking to welcome the crews of luxury yachts for longer or shorter periods of stopover or maintenance. The Côte d’Azur ports are developing their port infrastructures to capture and develop this windfall for their local economies.
Luxury yachting in French Polynesia
Luxury yachting is very important to the local Polynesian economy. The port of Papeete in Tahiti has developed infrastructures to accommodate up to 770 vessels. The luxury yachting sector is vital to the Polynesian islands, accounting for around €23 million in sales. With its paradise-like landscapes, Tahiti and its islands are a unique destination for luxury yachting enthusiasts.
Cruise lines in tune with luxury yachting
Several French cruise companies have entered the luxury yachting market, including Ponant. The latter is known for its three-masted sailing ship, Le Ponant, which has been awarded the Relais & Châteaux label and can accommodate around thirty passengers.
The paradigm of luxury yachting is the antithesis of the big cruise companies, frantically striving to build giants of the seas capable of carrying thousands of passengers. Luxury yachting, on the other hand, offers the opportunity to explore the world aboard human-sized ships, with a concern for respecting marine ecosystems and a guarantee of a personalised experience.
Luxury yachting has a real influence on local economies in mainland France and overseas. This is due to the fact that France’s coastlines stretch across the entire surface of the globe. Mediterranean cities are particularly gratified by luxury yachting, with 50% of the world’s yacht fleet passing through the Mediterranean.
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