Luxury Yacht Market and the Anti-cyclical Industry: An empirical comparison among the worldwide leaders in Italian shipyards

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Abstract

The competitive context in which companies in the luxury nautical sector operate (i.e.
Mega Yachts) is characterized by profound structural changes and dynamic
developments, caused, above all by the current economic-financial crisis. An
understanding, of how the Italian shipyards, world leaders in this sector, are facing this
global crisis, one which has affected all sectors of the economy, becomes therefore
fundamental. Literature claims that the Mega Yacht sector is characterized by a ‘notable
anti cyclical nature’, the shipyards producing luxury ships are immune from the negative
effects of the global economic and financial crisis. The luxury nautical sector could be
considered untouched by the economic recession, given that the potential clients are High
Net Worth Individual (with a patrimony exceeding 30 million dollars). In the light of this
consideration this paper proposes an in depth study of Italian worldwide leaders
producing Mega Yachts in the period 2006-2011. In particular, we wish to study whether
the anti-cyclic nature of the luxury nautical sector can be effectively verified in the
leading worldwide luxury yacht production in Italian shipyards. Italy ranks number one
in the world for the production of Mega Yachts and has held this position for 10 years,
indeed.
Original languageEnglish
Pages (from-to)27-48
Number of pages22
JournalThe Macrotheme Review
Volume2
Issue number4
Publication statusPublished - 2013

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Keywords

  • Luxury Yacht Market
  • Anti-cyclical Industry
  • Leader Shipyards
  • Italy

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