According to a Bloomberg report, leading Italian superyacht builders are resisting pressure on them to cut prices and they are not following the path taken by builders in other countries.

“Whoever is cutting prices heavily is committing suicide,” said Azimut-Benetti CEO Paolo Vitelli at this year’s Genoa boat show. He hints that the danger is that if prices are reduced, customers may think they are getting a yacht that will lose value quickly.

Ferretti boss Salvatore Basile (pictured) takes a similar approach. He told Bloomberg that “Responding to the crisis by cutting prices reminds me of when Italy devalued the lira to make its exports more competitive. That tactic lasted about six months, after which inflation kicks in and you have to start all over again. It’s a little like a boomerang.”

Aicon’s CEO, Pasquale Sidari, suggested that: “A new kind of buyer is emerging, looking for greater comfort, lower fuel consumption and more environmentally friendly yachts that allow them to enter into protected areas.” He felt that buyers were tending to avoid showing off. He reports that “the real rich continue to buy”, with yachts of