What insights do you have into the wants and needs of ultra-high-net-worth individuals in 2021, and how will Northrop & Johnson fill those needs?
In May of 2020, Northrop & Johnson conducted a survey of its UHNW clients, seeking their insights on yachting and other luxury interests, including how COVID-19 is impacting their plans, behavior and lifestyle for the foreseeable future. In every category except online shopping, home entertaining, private aviation, and yachting, over 50% of Northrop & Johnson customers said they plan to decrease or completely stop their usual activities until COVID-19 is mitigated. Those categories include flying on commercial airlines, dining out at restaurants, shopping at malls, department stores and small boutiques, attending live events, attending conferences and conventions, and staying at hotels/resorts.
These insights tell us that until a vaccine is widely distributed and COVID-19 is mitigated, which will be several months into 2021 at best, the priority for UHNWIs is to stay safe. More than ever, this affluent segment is looking to travel cautiously, seeking secure environments or safe sanctuaries for their vacations. Owning a luxury yacht or booking a luxury yacht charter allows for a safe, hygienic and worry-free experience, and Northrop & Johnson is here to assist clients in creating that experience and making their yachting dreams a reality.