Yachting and Nautical Tourism in Italy: An Analysis of the Sectors from the Years of Maximum Expansion to the Years of Deep Crisis
Journal Title: Journal of Empirical Economics - Year 2014, Vol 2, Issue 1
Abstract
Yachting has been and continues to be one of the points of excellence of Made in Italy in the world. As part of a highly negative economic environment since 2008, with a substantial uncertainty on the timing of the recovery, the boating industry has faced a steep decline in demand in the traditional markets, with obvious consequences for the production of the industry. Despite Italy's natural vocation toward boating, the figure for nautical tourism has dramatically collapsed: boaters sail less and are much more aware of the expenses incurred during their vacation. At the same time, fiscal policies and related controls have led boaters to flee from Italian ports, with particular reference to those of the Upper Tyrrhenian. It is evident that all this has resulted in a loss of value and revenue for companies in the sector, job cuts and reduced revenue for the State, which has brought with it a general decrease in the country's wealth. However, the peculiar characteristics of the industry allow for cautious optimism in view of recovery, although action is required by the government to boost the economy in the medium to long term, to support consumption including through appropriate social safety nets, to introduce structural reforms in the Italian economic system thus ensuring a new dynamism in the industrial policy that will encourage companies to innovate and invest in research and development, identifying strategic areas in which to focus their efforts. Finally, it seems essential to apply a new attitude toward the yachting industry by considering it as an excellence of Made in Italy that must be protected and defended as other neighboring countries already do.
Authors and Affiliations
Enrico Ivaldi
Keywords
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