Speaking of the wealthy doing most of the spending, the yacht rental business is booming.
Driving the news: Yacht rentals at some companies have increased by as much as 32% from last year as the rich get in on the cruise craze, minus a crowded Mickey Mouse Club.
- Private jet rentals have also spiked this year, for those looking to hit the high skies in luxury and comfort.
But who wouldn’t want a superyacht excursion? Just take a look at the Octopus: a 126-metre floater equipped with a gym, cinema, and helipads, for the price of US$2.2 million a week.
Why it’s happening: Despite a decline in wealthy Russian clientele and fewer yachts available for rent (many Russian-owned boats have been seized) a rush of new yachting newbies have been lured in by the comfort, status, and space for large groups.
- One company told Bloomberg that 35% of its clients this year are new to yachting, over double of last year. Clients are getting younger, too.
Why it matters: Demand for luxury goods has proved to be resilient against inflation, with some experts saying that excess US spending is actually making inflation in Canada worse.