The average age of boat ownership is 60. Ten years later it is 70.
I wonder if that's the only reason.
But...if the average age increases ten years every ten years....there is more or less no new boat ownership...meanwhile the market is dying by about 25-30% per year
The older generation may give the illusion of having more disposable income. That's because they have been more selective about how they spend and save.
Yes, it is different.....saying that... I have seen some incredibly young people on extremely expensive boats. Obviously an edge case. But all in all, affluent young people have different aspirations....I wonder if that's the only reason.
The young people I know, my two eldest grandchildren for example, don't seem to feel the same need to own things as their parents and my wife and I did.
They have very well-paid jobs and plenty of money to spend, but they prefer to rent very comfortable apartments in cities near their offices and, although they have driving licences, they don't feel the need to own cars. They travel a lot, jetting all over the world, spend a lot on taxis and entertainment (one recently flew back from his home in Singapore to attend the Glastonbury festival and only stayed a few days), and eating out.
If they ever felt the urge to go sailing, they would simply charter a yacht with a crew. If they want to drive a car, they rent one.
Now, in extreme old age and burdened with possessions I no longer need, (and probably never did!), I can see the appeal of their rather hedonistic lifestyle.
Problem is, I can't afford it!
Speak for yourself. I’m 70, have had and still have loads of things on finance, and still owe largish fortunes to the bank. I literally love it. I can buy what I want when I want, enjoy it early, pay it off as and when I can/want. I always keep within my means. Finance is a good thing. Overstretch yourself and it’s a death trap. Maybe even literally.
Did you carry moonbeams home in a jar?
For many folks it’s because they have no hope of buying a home so they’re spending it on other things
Our generation has an obsession with ownership....previous generations rented...why can’t future ones ?
No,I had whisky in the jar
On the plus side, if being in deep doodoo at 70+ is life threatening, you may as well enjoy it before you pop your clogs and not worry about paying it back.
Well, the point I’m making is that I can pay it back. But if I did that now I’d have no cash buffers. So I have peace of mind, and the lifestyle and toys and experiences I want, using (in some cases) the banks’ money. If I go to my grave with debts, the estate has ample assets to repay the lenders.
No, housing became an investment rather than a utility. Thatcher cut social housing. Prices rose. Today wealth is in property for most.
Go back to work! At something or another. Paid or unpaid. To work is a natural human need; lacking work for many means lacking purpose.
I agree….but only for some…others hate work even when they have great jobs….these are the people who are gobsmacked when the Lottery Jackpot winner announces they won’t be giving up work
Exactly. This is the biggest cause of the housing shortage.
Well I volunteer here..
Work is a basic part of life. Not liking work is like not liking sex.
Or to be more imaginative. I gave up a great job and career at 45 and now still have plenty to do. I also have a huge list of things I’d like to do if and when sailing stops being exciting. I can’t imagine only having one dream