Marine industry’s protecting legacy business


Knut Frostad, executive chairman Henri-Lloyd speaking at Metstrade believes similar.


He says the wider marine industry is scared about the fact that its “whole population of customers” is going to disappear.


“It’s not just about men and women; this is also a huge age issue.”


Speaking as a panellist at the Yacht Racing Forum: Sustainability and inclusivity (with no borders or barriers), Frostad noted the industry also “needs to go to women, they need to go to other ethnic groups, to sell boats.


“There’s no choice, there won’t be only men owning superyachts – there won’t be [anyone] owning superyachts, because that category is getting smaller and smaller.”


He was at the same venue, saying the same thing in 2022 and puts a perceived lack of action down to the industry protecting what it already has.


“This is the discussion that’s happening in Brunswick, NMMA, all the big players in the US, in the voting industry. It’s how to get into this new audience, while still selling to the old conservative 65-year-olds. This is a huge challenge.”


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Knut Frostad (pictured) tick tick


Younger and more diverse consumers aren’t entering the pipeline


As Frostad notes, this is not a new theme. Anecdotal and other evidence suggests again and again that the boating industry is not attracting enough young people. And the ones that are attracted aren’t into buying. They’re into renting/shared experiences and not having to deal with the pain/joy of ownership. No wonder Brunswick’s so busily growing its Freedom network.


Hugelmeyer and Frostad are clear – the industry has to reach out and connect with new audiences. But the question over and above that is (and remains) how that can happen, especially when women and minorities are underrepresented at every level of participation?


Potential customers need to see themselves represented


Whatever Trump (or the old boy in the corner at the pub) says about DEI, when people see themselves represented, it’s a signal they need to take the next step forward with the brand they are interacting with.


“When they don’t see themselves represented, they receive the signal ‘this isn’t for you’ which often causes them to go off in search of another option that shows them they belong,” says Sonia Thompson for Forbes, as well as every marketing book, ever.


Solutions on the table to attract more women and minority groups (and many were mentioned during both Metstrade and YRF that work towards grass roots participation) include quotas, mentorship programs, and regulation to drive change.


But, Victoria Low – CEO Magenta Project and panellist alongside Frostad – warns about upcoming numbers from research her organisation’s undertaken. The full details of Magenta Project’s data are due next spring but meanwhile the results are concerning – women and underrepresented minorities definitely don’t feel welcome in yacht clubs. And these are people who are already connected with the industry.


Extrapolate that – lots of women and minority groups don’t feel they belong – so they won’t be investing anytime soon.


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THE REPORT | MAR 2026 | ISSUE 115 | 89


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