And the Development of the SuperYachts Market during the Pandemic.
Monaco, June 1st, 2021
Six years ago, the International University of Monaco signed a partnership with the Monaco Yachting Cluster. The objective was for the international students to discover that unique industry, develop their interest and knowledge of the yachting sector (in Monaco especially), and train a new generation of yachting professionals with the active support of members of the Monaco Yachting Cluster.
Over the years, the 2 entities have developed a Yachting specialization within the Master in Luxury Management program, different joint events, and a “Yachting Challenge” – a business plan competition in yachting, innovative and sustainable projects.
In line with those events organized through the last years, the Cluster Yachting Monaco and the IUM hosted today an exclusive event focusing on the UHNWI (Ultra High Net Worth Individuals) customer journey and the development of the SuperYachts market during the pandemic.
Over 150 UHNWI professionals joined the UHNWI Customer Journey at the Monaco Yacht Club. The audience was welcomed by Bernard d’Alessandri, President of the Cluster Yachting Monaco, Sophie de Lorenzo, representing the International University of Monaco, Edouard Mousny, Vice-Présidente Cluster Yachting Monaco.
First up, Stewart Campbell, Editor-in-Chief, BOAT International, shared the latest trends of the Superyacht Industry with the audience. In particular, he highlighted the rise of global sales despite Covid-19, emphasized by the strongest on record brokerage sales in December 2020, and the predominance of the US market.
Next, Dr. Annalisa Tarquini-Poli and Dr. Phil Klaus from IUM presented their fascinating and most impactful findings of in-depth interviews with more than 100 UHNWI collected over the past three years. Dr. Tarquini-Poli and Dr. Klaus highlighted the wide-ranging impact their insights and MEPA framework will have on all luxury industries dealing with and trying to acquire UHNWI as their clients. They also provided examples of how managers can turn this knowledge into actions, such as their customer journey maps based upon MEPA. Most of the audience recalled the concept of time being the #1 future currency for the UHNWI.
The first roundtable discussion, moderated by Espen Oeino, featured Matteo Atti – Group EVP of Marketing at Vista Global, Paolo Casani – CEO – Camper & Nicholsons, and Eva Orsi, President of Tankoa Shipyard, discussed the challenges of successfully managing the UHNWI experience. All speakers shared their personal challenges, often leading back to what Dr. Tarquini-Poli and Dr. Klaus presented earlier regarding managing client expectations and challenges regarding transparency and trust-building.
After a short break, Manuel Bianchi – Managing Director, Global Head of Sales – Wealth-X presented the audience with insights about the global wealthy population. One interesting finding was the global population, after a brief decline, is on the rise again. Manuel Bianchi then moderated the final roundtable of the day, joined by Alejandro Velez – Country Head UBS Monaco, Patrick Coote – Chief Marketing Officer & Head of N&J Europe, and Xavier Midorge – CEO Pleion Monaco. The panel members picked upon the overwriting theme of managing client expectations, part of the MEPA framework, and the challenges it brings to their business. The panelists highlighted the main role of the Principality as the perfect destination for UHNWI, looking not only for security but also for a most desirable location for them and their families.
The event closed with Laurent Lecamp – Managing Director Watch Division at Montblanc, discussing how to turn UHNWI from clients into fans. From one of the oldest Swiss watchmakers, Mr. Lecamp guided the audience through their customers’ journey. For Montblanc, the 3 pillars to succeed in their business are the art of creating emotions, the importance of providing differentiation, and expectation management.