The study and the figures
The socio-economic impact
of the professional yachting of Genoa
The study conducted by The European-House Ambrosetti “The socio-economic impact of professional yachting in Genoa”, which will be updated every year, has the objective of measuring and identifying the size of the impacts and economic and social effects that the segment has, so as to identify the relative development opportunities for the city.
Thanks to the completeness and transversal nature of the 54 businesses that make up the association Genova For Yachting, and who have shared their balance figures, supply chains and the activities of its associates, the study was able to analyse and measure the different types of spend all along the chain and therefore, for the first time, quantify the total effect, creating an index – Total Equivalent Economic Impact (TEEI) – innovative, objective, pondered and equivalent to the effect of a day’s stay in Genoa.
The TEEI – Total Equivalent Economic Impact is a concise indicator that attributes a «total equivalent economic impact per stay» value for the different vessel size categories.
It takes into account, for each length category, the direct effect on the marinas, on the services and on the shipyards; indirect effects on the economic chains upstream or downstream; spin-off turnover, as an effect of the consumptions made thanks to the salaries paid to those employed in the industry and the activated supply chains; and finally catalysed turnover, signifying the direct spend in the area made by crew members and Owners.
The European House- Ambrosetti has calculated the value of the total equivalent economic impact (TEEI) that a yacht measuring between 36 and 50 metres LOA creates on average in just one day’s stay in Genoa to be 8,805 euro. This value rises in an exponential manner as vessel length grows, reaching over 47,000 euro if the vessel is over 75 metres long.
Starting from the real data of the companies that are part of the Genoese professional yachting cluster – that in 2019 dealt with more than 1800 yacht stays and accommodated vessels in its structures (shipyards, marinas, agencies) for a total of 64,350 days stay – it was therefore possible to quantify the total economic impact of Genoa’s professional yachting sector in 2019 as being 369 million euro.
Furthermore, it was possible to evaluate the equivalent employment level generated, which was of over 2,000 jobs.
Thus, the photograph of a segment that in 2019 contributed 133 million Euro to the Liguria region’s GDP emerged, along with its articulated and diversified supply chain:
- from the nautical sector (39,8%),
- Manufacturing (15,4%)
- Electrical supply (7%)
- Real estate services (8,7%)
- Professional services (4,3%)
- Commerce (3,6%)
- Transport and warehousing (3,3%)
- Administrative activities (3%)
- Touching on lodging and catering (2,8%)
- Insurance and financial services (2%).
Would you like to receive more information on the sector study?
The study “The socio-economic impact of professional yachting in Genoa”, conducted by The European – House Ambrosetti, will be updated annually.
Kindly fill in this for to receive a presentation of the study.