To say there seems to be ‘some uncertainty’ about how the yachting industry is going to weather the global economic crisis is a bit like saying Victoria’s Secret has some moderately attractive models, a rather large understatement. Traditionally boatshows are seen as a weather vane for the market sentiment which is in turn seen as an indicator of problems to come. The Fort Lauderdale Boat Show is just such an indicator and this is the first year I haven’t managed to be given a bundle of free tickets so I suspect things might be tight. There have indeed been recessions and downturns before, but the climate for this show is both unprecedented and one might say ‘unpresidented’. Cliches abound about how the super rich can ignore the prevailing economic climate, but as is so often the case in yachting, these cliches are usually based on the misnomer that yacht owners are all so wealthy that they are not affected by the downturn. Time will tell, but it would be sensible to assume that many owners will indeed be affected. Owners and charterers are the only consumer in the yachting sector and unlike any other business you care to think about, these consumers number but a tiny minority compared to those providing goods or services to the yachting industry. 
The signs are not great; Charters are down, crew agencies are reporting less job requests and there are not that many people in the industry walking around with the sort of grins that would make James Brown seem a bit sulky. But, just how prepared are we in the yachting industry for a bit of a decline. Will the boatshow bring a sense of doom and gloom or will we continue to subscribe to the ‘it will never happen us while there are the Russians, Chinese and Indian billionaires in the making’ sentiment of years gone by. The last few years have seen massive inflation in the costs of yachting. Ultimately, it is the minority who will decide what value means to them. If there are going to be economies made, crew can expect to take their turn. We have all benefitted from salary inflation and better and better terms of employment, but now might be a good time to think about long term job security and not short term savings. The days of the Robin Hood school of yachting, taking from the rich and giving to the poor, may be over for good. History shows that consumers come out of tough times more demanding and less inclined to waste money. Yacht crew are more insulated than most from the economic problems that face many in the world. Many have no property, debts or financial responsibilities other than their own recreation. In a week or so we will have a better idea as to whether FLIBS was a flop or not. Let’s hope the show allows us some sense of optimism, after all if the rich are struggling with stock declines and cashflow ‘glitches’ , what better to way to get away from it all than on the sundeck of a shiny white yacht. If that happens despite the crunch, the humble yachtie may still get some credit.