BEIJING: The Chinese luxury goods market is set for further diversification, with some 50,000 yachts worth a total of 100bn yuan expected to be sold over the next 10 years.
Strict coastal regulations and the lack of an established boating culture have hampered the development of this market but there are huge opportunities for manufacturers prepared to embrace the cultural challenge, according to China.org.
To push the market more quickly, experts suggest a different marketing strategy is needed in China from that in more mature markets.
Eddie Law, chairman of Princess Yachts, contrasted the Chinese take on yachting, which was typically more social than the European.
According to Law, Chinese customers typically say "I want my family, my business partners, I want a boat with a lot of people. Let's do barbecue together". But Europeans were more likely to think "I want my wife and myself go to somewhere for three months without anyone knowing where I am".
Manufacturers are confident that the market will grow rapidly, once they have put in the effort to communicate the quality and potential of their products.
Princess Yachts Sales Director Will Green said: "I think once we have worked hard on delivering that whole experience to the owner, that's when this market will really take off."
British yachtmaker Fairline has been in the market for several years and has reported 100% annual growth over the past four.
"Fairline's had tremendous success throughout the whole of South-East Asia," said Bryan Jones, Fairline's head of sales for Australasia & the Americas.
"For the last four years, we are doubling our number of boats sold into Hong Kong and China, and we see that continuing," he added.
Data sourced from China.org; additional content by Warc staff