Top Trends in the Caribbean Yacht Charter Market

 

Business is booming in the global yacht charter market. As of 2023, the industry was valued at $ 7.74 billion and is projected to grow from USD 8.33 billion in 2024 to USD 15.53 billion by 2032, according to the Yacht Charter Market Size, Share & Industry Analysis report, last updated on August 12, 2024, by Fortune Business Insights, with offices in the USA and UK. Moreover, while Europe held the largest charter yacht market share in 2023, North America – including the Caribbean – held the second-most significant position in the market. 

“From nearly perfect year-round temperatures to an endless variety of islands, cays, and experiences to discover, the Caribbean is a boater’s paradise. You can venture there repeatedly and experience something new each time. Plus, the flexibility of a charter vacation in the Caribbean is a plus, with many countries having fairly relaxed certification requirements, and the ability to charter a yacht for five days, seven days, ten days, or however long your heart desires, it makes this the ideal way to enjoy a customized vacation tailored to your needs truly,” says Ian Pedersen, senior marketing manager for The Moorings & Sunsail, based in Clearwater, Florida.

Here are some of the top trends in the Caribbean charter yacht industry:

A Myriad of Magnificent Destinations
The Caribbean charter yacht market is dynamic for a variety of reasons, including its collection of cruising areas, says Dick Schoonover, manager of CharterPort BVI, in Tortola, BVI. “The BVI for the steady breezes and easy seas, not to mention the small footprint. The Sint Maarten / St. Barths area provides a bit of chi-chi, while the Grenadines is more of an adventure and sailing for the Americans who have figured out it’s not about the red stuff in the cocktail. And it’s year-round! The season runs from late November through the 10th or so of August in the northern Lesser Antilles, with late summer chartering available further south.”

Marc Pedrol, global marketing and communications director with Dream Yacht Worldwide, says, “The British Virgin Islands stand the test of time. With so many returning customers, they remain the most popular islands among our clientele in the Caribbean. However, especially for the upcoming holiday season, we are currently seeing a large increase in the demand for the US Virgin Islands. Bookings are up more than 200% year-on-year.”

The Spanish Virgin Islands of Culebra and Vieques offer a quieter, more laid-back alternative to the Virgins, with unspoiled beaches and excellent snorkeling, which many people crave, Pedrol adds. “People searching for more secluded and lesser-known sailing grounds like to explore St. Martin and Anguilla as an alternative. The islands of Guadeloupe are also gaining popularity due to their unspoiled nature, rich culture, and fantastic sailing opportunities.”

To the north, the Bahamas are seeing a resurgence in visitors, most notably the Abacos, as the region has recovered from the impact of Hurricane Dorian just a few years ago, says The Moorings & Sunsail’s Pederson. “Additionally, Belize is rising in popularity as an ideal place to get away from busier charter locations. The Moorings has also just announced the launch of La Paz, Mexico, as its newest charter destination, launching in Spring of 2025.”

Multihulls Continue to Rule
Monohulls are all but extinct, says Kevin Jonas, owner of Mainsail Yacht Charters, based in Bedford, New Hampshire. “When Mainsail started over 26 years ago, the boat shows were almost all monohulls. There is still a market for the monohulls, but it is a catamaran world, and I think the trend will continue.”

Lesley Dowden, reservations specialist for Horizon Yacht Charters in St. Vincent & the Grenadines, adds, “We tend to find that our catamarans get booked much earlier than our monohulls, but our monohull sailors tend to book last minute. We have some repeat clients who will charter twice in the season, taking a monohull for themselves and a couple of sailor guests, and later taking a catamaran with family. As a result, we have had to add to our monohull fleet for the coming season.”

Catamarans are ideal for a vacation on the water because of their space, stability, comfort, maneuverability, shallow draft, and amenities.

“Trends-wise… Boats are getting bigger and bigger, says CharterPort BVI’s Schoonover. “I understand that a couple of owners have orders in for 100+ feet catamarans. Many 80-foot cats are out there, chiming in at $100,000 for the week. The magic number for a successful charter business used to be having the ability to accommodate six guests in relatively equal guest accommodations. That’s changed to 8, and may even be changing once again to 10, which reflects the chartering public looking to stretch their chartering dollars’ value.”

The growth in power catamaran charters is the single most significant indicator of where the future is headed in the charter market, as these vacations are now accessible beyond the traditional sailing crowd and have gone more mainstream, according to The Moorings & Sunsail’s Pedersen. “By the same token, the non-boating, ‘aspirational’ vacation crowd is discovering the appeal of exploring the Caribbean aboard charter yachts, and we are seeing huge growth in skippered and crewed charters catering to guests without boating experience.” 

Greater demand for electric-hybrid yachts is something Horizon’s Dowden is hearing.

Dining Du Jour
Specific dietary requirements are almost expected these days. At the same time, finding the right products or substitutions in remote destinations can be challenging for all charter companies.

“The ability to cater to a large group when someone is a pescatarian, someone has a gluten allergy, someone is vegan, and someone else is a vegetarian and to somehow still deliver well-rounded, diverse meals for everyone is truly an art,” says The Moorings & Sunsail’s Pedersen.

Low- & High-Tech Water Toys
Most of Dream Yacht’s bookings are bareboat charters, where guests inquire about the tried-and-true water sports equipment such as kayaks, stand-up paddleboards, and snorkeling equipment to enrich their vacation experience, says Pedrol. “It’s in the crewed yacht market where we see a trend to more innovative and novel water toys. Some of our Platinum Crewed yachts are equipped with sea scooters, wake surfboards, large floating mats, sub wings, eFoil boards, seabobs, jet surfboards, or towable tubes.

Clients also tend to bring their own kite or windsurfing equipment on charter to enjoy their favorite sports with their familiar equipment in new waters.”

The hottest water toys for crewed yachts are indeed those with the latest technology,” Mainsail’s Jonas agrees. “Right now, eFoils and Sea scooters are in demand. Very few yachts carry eFoils. They can be rented locally and placed onboard for charters, typically at the client’s expense. Most yachts have some sort of sea scooter. This category has a wide variety and is easy to store onboard.”

Experiential Experiences
One trend seen in yacht charters in the South Pacific is ripe for the Caribbean too.

“We see more and more guests looking for learning experiences aboard both culturally and with sea life and the natural sciences. We do this by choosing crew that truly loves to share their passion for the Tahitian culture and also the natural world that you are surrounded by on a charter in the Islands of Tahiti. We also try to find local experts to bring onboard which provides for an enriching experience for our guests. We see this as a trend in travel in general and one that would be beneficial in the Caribbean as well,” says Jennifer Westfall, founder of Te Mana Travels.

Creature Comforts Rule
While it depends on the type of yacht, most yachts coming into the Caribbean nowadays are equipped with Wi-Fi, TVs, Generator-Powered AC systems, sound systems, modern charging capabilities for cell phones and other electronics, and more.

“Some new features that are very popular are water-makers and water purifying systems, as well as solar technology used to supplement the power on board. Some new catamarans have regular side-by-side refrigerators/freezers like you would find at home. For non-boaters, this is expected, but traditional sailors and boaters will understand this was unheard of aboard mid-size yachts until recently,” says The Moorings & Sunsail’s Pedersen.

On The Horizon
The yacht charter market continues to grow exponentially, says Mainsail’s Jonas. “In the 27 years of being a Charter Broker, I have seen this Industry go from having 15 yachts at a boat show to well over 150. I think word of mouth from clients carries a lot of weight. Our clients are amazing at telling their friends about this vacation. Plus, the broker side of this business has grown, allowing the word to get out through broker’s advertising.”

 

The NextGen Charter Guest:
Traditionally, charter guests are slightly older, empty nesters, according to Ian Pedersen, The Moorings & Sunsail’s senior marketing manager based in Clearwater, Florida. “This remains true today, with the core market primarily comprised of couples between the ages of 45-65. But we increasingly see Gen X and Millennials joining the fun.”

Dick Schoonover, manager of CharterPort BVI, in Tortola, BVI, adds, “For a vacation historically predicated on ‘getting away from it all,’ we do have a new set of charterers booking sailing holidays, and they are that internet generation accustomed to wanting/needing instant digital gratification and needing it now!”

The NextGen of charterers is more digital and is used to communicating online and in real-time, according to Judy Price, co-founder and chief executive officer of Yachtly Inc., a comprehensive payment system for the luxury charter yacht industry based in St. Thomas, U.S. Virgin Islands. “With this online communication, they’re also looking for the security of their funds and the possibility of the trip occurring. Working with a charter yacht broker and following along on social media are important for their peace of mind. Also, social media updates can generate even more excitement for a future trip. These charterers are “younger” as we anticipate an increase in groups averaging 30s to 40s as their disposable income has increased.”

No matter the size of the boat, internet connectivity is a must to cater to the NextGen charter guest, adds Price. “And with satellite services now available, it is possible to provide charter guests 24/7 access. Guests must charge those devices, so various ways (USB/C, wireless charging pads) are also needed aboard.”

 

Carol Bareuther has written for ALL AT SEA since 2004.