Luxury boat industry sailing high amid Brazil’s economic crisis

CCTV News

Luxury boat industry sailing high amid Brazil's economic crisis

Brazil is a country deep in economic crisis. Yet there are some signs of optimism in one luxury sector.

The sale of boats and yachts. As CCTV America’s Paulo Cabral find out at the nation’s main event for Brazils boating industry – sales are beginning to pick up again after a period of much uncertainty.

Luxury boat industry sailing high amid Brazil's economic crisis

Luxury boat industry sailing high amid Brazil's economic crisis

Brazil is a country deep in economic crisis. Yet there are some signs of optimism in one luxury sector. The sale of boats and yachts. As CCTV America's Paulo Cabral find out at the nation's main event for Brazils boating industry - sales are beginning to pick up again after a period of much uncertainty.

The prices at The Sao Paulo Boat Show are not for the faint-hearted. The entry ticket costs little but some of these boats could set you back millions of U.S. dollars.

Economists said those who can afford the highest end luxury goods were less affected by the country’s recession. Brazil’s middle class and poor were hit hardest.

Brazil is struggling to get out of its worst recession in decades which have affected pretty much all sectors of the country’s economy. But that’s not stopping some people from spending their money, for example, on luxury boats.

The country’s economic problems actually may create good opportunities for those who have the money to spend because companies are making all they can to sell.

The executive from Brazil’s biggest yacht’s shipyard says he feels consumer confidence and sales are slowly picking up.

The yacht industry is far from being an economic driver in Brazil. Still as the country struggles to climb out of recession – any sign of increased consumer confidence even among a limited group of luxury boat buyers is seen as positive news.