January 16, 2021

MYBA Economic Impact Study concludes revenue growth & job creation are key aspects of superyacht industry

12th March 2013:  Intended as a credible and up to date lobbying tool, an authoritative study commissioned last year by MYBA  and completed in January 2013 by a team from the London School of Economics (LSE), presses home the significant employment and revenue contribution of the superyacht industry across five target countries contained within the report.

Despite the LSE not being able to fulfil the full content of the original brief, due to lack of sufficient data, the study nonetheless provides yachting professionals and marine organisations with a substantial report which helps dispel one or two inaccurate perceptions about our industry.

Statistics drawn from a total of 550 qualified superyacht companies spanning Italy, Netherlands, France, Spain and Greece were used to produce comparative trend analysis charts and graphs.

Key employment and revenue findings include:

The industry supports about 30,000 jobs across the five countries studied.

Per country pie charts showing six different employment categories determined the proportion of Physical Labour Force compared to total work force per country in 2011. In this context, the Physical Labour Force is categorised as those involved in the Suppliers and Manufacturers and New Build and Refit sectors of the industry and equates to a very dominant 86.5% majority of people employed within the industry.

Using the same target countries, the report analysed superyacht employment trends and job creation over the last five years and discovered the total number of people employed in the industry has grown at a rate of more than 10%.

Since 2010, for example, despite the residual effects of the crisis in 2008, The Netherlands, Italy and France show generally healthy upward trends in superyacht employment. Likewise, since 2010, comparison trends between superyacht employment versus national employment show steeper upward curves for superyacht employment, at least across the stronger markets of France, Italy and The Netherlands.

Per country pie charts (Netherlands excepted) showing the same six categories illustrate the biggest and smallest revenue contributors in each case. The biggest revenue contribution in France, for example, is the Suppliers & Manufacturers category, as opposed to Italy where New Build (43%) is the biggest individual contributor.

Illustrations of the direct and indirect economic revenue contributions that superyacht businesses make towards each country’s GDP were also very interesting. Within Italy, for example, this amounted to significant total combined revenues in 2011 of € 2,236 billion.

Contrasting with the popularised ‘glamorous’ and occasionally negative image of the superyacht industry, the study highlights the fact that a dominant majority of people employed belong to the Physical Labour section of the workforce. If nothing else, government decision makers need to be made very aware of this important fact before setting down policies which may hold back or permanently harm the future growth and prosperity of this important industry.

For further information, please refer to the full copy of the report.


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