UAE-based Gulf Craft, a global manufacturer of luxury yachts and fiberglass boats, sees a bright future for the luxury consumables market in Indonesia as the country gets set for an influx of High Net Worth Individuals (HNWIs) and significant wealth generation, said a senior official.

The company is continuing its strong push into the South East Asian market with a presence at the upcoming Indonesia Yachts Show, which takes place from June 8 to 9 in Jakarta.

"We were one of the very first companies in the yacht business to recognize Indonesia’s potential and have had a presence in the market for more than two decades," remarked Gulf Craft’s chief operating officer Erwin Bamps.

Our strong experience in emerging markets, our understanding of the needs of Asian customers and the heightened interest we received at recent Asian boat shows such as the Hainan Rendez-Vous, Singapore Yacht Show, the Phuket International Boat Show and the China International Yacht Show in Shanghai place us in a very favourable position to service the Indonesian market with yachts that are made for its waters,” stated Bamps.

“We anticipate a significant surge in interest in luxury goods in the coming years and we want to grow with the market,” he added.

Indonesia, which is home to one of the world’s fastest-growing pools of private wealth, is expected to see a sea change in coming years as the number of HNWIs witnesses a significant increase.
 
According to the “Wealth Report: Asia” released by prominent Swiss private banking group Julius Baer last year, the number of HNWIs in Indonesia is set to increase to 104,000 in 2015, from a mere 33,000 in 2010.

Bamps pointed out that Indonesia had an avid appetite for consumer goods and that this extended into the luxury goods market.  

“The increase in disposable income combined with active marina development will lead the way for more Indonesian HNWIs to take to the water and we are watching the market very closely,” he remarked.

“We have a strong dealership network in Asia and we are constantly looking for ways to boost the support facilities we offer our clients. We are confident that our long presence and experience in Asia will serve us well in the years to come, especially in strong growth markets such as Indonesia,” he added.-TradeArabia News Service