Despite the fact that there are over one million multimillionaires in China, the number of luxury yacht sold in China is low. But why? Cultural differences is partly the problem.
Modern use of the term designates two rather different classes of watercraft, sailing and power boats. Yachts differ from working ships mainly by their leisure purpose, and it was not until the rise of the steamboat and other types of powerboat that sailing vessels in general came to be perceived as luxury, or recreational vessels. Later the term came to encompass motor boats for primarily private pleasure purposes as well.
In Europe, sleek motor yachts conjure images of lazy family holidays along the Mediterranean coast. However, Chinese prefer to shun the sun. China's coastline lacks the appeal of southern Europe and a boat is seen more as a business asset than a family plaything.
