Lucrative industry
Study: Yachting sector contributes $60.6m annually
The illustration shows the contribution of the industry to the economy.
Source: ECONOMIC IMPACT OF INTERNATIONAL YACHTING IN FIJI
Source: ECONOMIC IMPACT OF INTERNATIONAL YACHTING IN FIJI
FIJI has the potential to be a full-season cruising destination for yachts provided the stakeholders work on strategies to increase the length of stay for the vessels.
A study carried out on international yachting in Fiji suggests that increasing the length of stay could result in an extra $3 million of direct spend.
The report – Economic Impact of international yachting in Fiji – reveals that the yachting and the related support industries contribute $60.6m to the Fijian economy each year.
It also highlighted that the yachting industry was one of the highest yielding tourism segments with an average spending of $7808 per person.
Results from the study also show that although yachting arrival numbers are modest in comparison with cruise tourism, the 4473 yachties that arrived in 2018 spent a total of $34.9m on fuel, maintenance, dockage, food provisioning, restaurants and a range of other tourism activities.
It was highlighted that economic benefits through yachting had also spread to remote communities that yachties travel to during their stay in Fiji.
The study was a result of a partnership signed by Australian government funded Market Development Facility with Port Denarau and Vuda, to undertake the first independent economic impact assessment on Fiji's yachting industry.
The aim of the study is to provide a comprehensive picture of the industry's economic contribution, including direct and indirect employment creation; micro, small and medium sized enterprise opportunities; and local economic development.
Certain recommendations were also made by the report in terms of initiatives and strategies that could be adopted by the industry stakeholders and government to support the growth of the yachting industry.
One of them is strategic and differentiated initiatives for developing the yacht and superyacht segments that focus on supporting growth, competitiveness and increasing market share.
Incorporation of yachting tourism statistics in national tourism accounts to better track economic contribution and growth has also been identified, including improved Government regulations and processes.
The report also recommended that the establishment of a Fiji Marina Industry Group to improve national representation, engagement and drive future initiatives would be an effective way to improve the industry.
A study carried out on international yachting in Fiji suggests that increasing the length of stay could result in an extra $3 million of direct spend.
The report – Economic Impact of international yachting in Fiji – reveals that the yachting and the related support industries contribute $60.6m to the Fijian economy each year.
It also highlighted that the yachting industry was one of the highest yielding tourism segments with an average spending of $7808 per person.
Results from the study also show that although yachting arrival numbers are modest in comparison with cruise tourism, the 4473 yachties that arrived in 2018 spent a total of $34.9m on fuel, maintenance, dockage, food provisioning, restaurants and a range of other tourism activities.
It was highlighted that economic benefits through yachting had also spread to remote communities that yachties travel to during their stay in Fiji.
The study was a result of a partnership signed by Australian government funded Market Development Facility with Port Denarau and Vuda, to undertake the first independent economic impact assessment on Fiji's yachting industry.
The aim of the study is to provide a comprehensive picture of the industry's economic contribution, including direct and indirect employment creation; micro, small and medium sized enterprise opportunities; and local economic development.
Certain recommendations were also made by the report in terms of initiatives and strategies that could be adopted by the industry stakeholders and government to support the growth of the yachting industry.
One of them is strategic and differentiated initiatives for developing the yacht and superyacht segments that focus on supporting growth, competitiveness and increasing market share.
Incorporation of yachting tourism statistics in national tourism accounts to better track economic contribution and growth has also been identified, including improved Government regulations and processes.
The report also recommended that the establishment of a Fiji Marina Industry Group to improve national representation, engagement and drive future initiatives would be an effective way to improve the industry.