The study and the figures
The socio-economic impact
of professional yachting in Genoa in 2021
The study conducted by The European-House Ambrosetti “The socio-economic impact of professional yachting in Genoa”, at the third year of analysis, 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 58 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 EquivalentEconomic 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 and it keeps track of the direct impact on marinas, on services and on shipyards; indirect on the economic supply chains both upstream and downstream; induced as effect of consumes carried out thanks to the salaries paid to employess of the cluster plus the related activated supply chains; and catalysed impact that is the direct crew/owner speding effect on the territory.
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 in 2021 to be 6.397 euro. This value rises in an exponential manner as vessel length grows, reaching over 40,000 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 2021 dealt with more than1000 yacht stays and accommodated vessels in its structures (shipyards, marinas, agencies) for a total of 42.000 days stay – it was therefore possible to quantify the total economic impact of Genoa’s professional yachting sector in 2021 as being 341 million euro
The stays/permances decrease in respect to 2019 is due to the pandemic situationand. from october 2021, to the limits of extra-EU seafarer permanence in our territory due to the interpretation of a recent European directive issued by the European Court of Justice creating evident reduction of yacht arrivals/overstaying and negative effects of the economic impact.
From the 2021 data comes to light also that the economica impact generated by the professional yachting cluster in Genoa for more than the 60% is to due to the activities of overstaying, refit, maintencance and services of yacht over 50mt LOA. ( with a considerable peak for yacht over 75mt LOA) .
Thus, the photograph of a segment that in 2021 contributed 123 million Euro to the Liguria region’s GDP emerged, along with its articulated and diversified supply chain:
- Yachting (32,7%)
- Manufacturing (17,3%)
- Eletrical supplies (7,8%)
- Real estate services (9,7%)
- Professional activities (4,7%)
- Trade (4,0%)
- Logistic (3,7%)
- Administrative services (3,3%)
- Hospitality (3,1%)
- Finance & Insurance (2,2%).
Furthermore, it was possible to evaluate the equivalent employment level generated, which was of more or less 2,000 jobs.
In the last decade the world yacht fleet has been increasing, and is projected to grow in the coming years and the world fleet of superyachts is expected to reacht the 7700 units between 2025-2030 In December 2022, during a public partner’s meeting, Genova for Yachting share with authorities and institution the need to safeguard the yachting industry, so strategic for the local economy, aming to improve facilities, professional development and to facilitate bureaucracy.
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.