With the pandemic practically over, many more monied travelers are looking forward to a well-deserved vacation. But instead of flying business or first class as in 2019 and prior, it appears that the pandemic has converted many frequent flyers to private aviation.
Several aircraft charter businesses are reporting increased passenger numbers, and WINGX’s May 2022 Business Aviation Bulletin reported that business jet activity was up 13% compared to May 2019 while scheduled airline operations were down 23% in the same period.
In this article, we explore why the private air industry is booming.
Over the pandemic and during the recovery, the wealthiest in our society have benefited most on the back of rebounding markets and increased IPO activity. As a result, experts interviewed by CNBC last year explained that the wealthy are using their gains to buy private jets, resulting in a boom in flight volumes around the world.
Costs are increasing – but customers aren’t phased
While private jet prices depend on the operator, many are heading sky-high because of the increased demand from wealthy customers. Private Jet Card Comparisons analyzed over 250 private jet programs in April 2022 and found that the average cost per hour of a charter was up 21% since December 2020 on the back of increased fuel, maintenance, and labor costs.
Despite this though, the costs haven’t dented demand and wealthy customers are still lining up to purchase jets and invest in charter memberships.
Read Also: Flying Private vs Commercial for Business
Private is productive
One of the reasons why private jet travel is proving so continually popular is the fact that it’s a more productive way of getting from A to B. Instead of turning up at the airport three hours early, waiting for a delayed flight, and then travelling first or business class, passengers can hop into their plane immediately and get to their destinations much faster.
From a professional perspective, that means getting more done during the day – whether that’s meeting clients, putting together proposals, or otherwise.
On top of this, private aircraft are less pressurized than commercial airliners (often by as much as half). This means flyers feel much more awake on landing – letting customers get even more done. If you’re a VIP with a significant income, the comparatively high prices of chartering (though not significantly higher than first or business class travel) can therefore still be a sound investment. Time is money!
With the number of commercial flights still down compared to pre-Covid levels, going private also lets customers choose from a much longer list of departure dates and times. Gone are constraints on travel and business when you can rely on an aircraft coming directly to you.
Private air travel is booming. Do you fly private? Do you think the mode of transportation’s popularity will continue? Let us know in the comments section below.