The Boom in private aviation will continue exponentially over the next few years.
Business aviation activity is rising towards 85% of normal levels, according to WINGX’s latest Global Market Tracker data, with a strong recovery in North America. There were 445,000 business aviation sectors in North America in the first two months of 2021, down only 7% from the same period last year. Only 1% fewer departures were recorded in the charter sector while flying hours increased by 4%.
In comparison to other industries, business aviation is in somewhat good shape in the US. According to WINGX, worldwide fixed-wing activity is down 43 per cent so far in 2021, with scheduled airline operations down 52 per cent and cargo operations up 10%.
Expert Predictions for Europe
Experts predicted that Europe’s scheduled air traffic would take longer to recover, resulting in a spike in demand for charter aircraft. The idea comes after Eurocontrol, the European air navigation safety organisation, recently downgraded its forecast, meaning that Europe’s aviation traffic will not likely return to previous 2019 levels until 2025, rather than the anticipated initially 2024.
Many charter aviation operators predict an increase in commercial jet and private jet charter divisions due to the downgrade.
Wealthy Individuals Fly Private
The ultra-wealthy live a worldly existence. Ultra-high net worth (UHNW) persons with at least US$30 million in assets are frequently required to travel extensively both domestically and internationally. Individuals with UHNW status are active participants in the global aviation sector; some fly commercially, while others charter private planes or have fractional ownership plans.
While this may be true for UHNW flyers, it is also a fact that since the pandemic private aviation has seen an increase in demand from travellers who might otherwise fly first class.
Why Fly Private?
The number one reason to fly privately is safety. By decreasing passengers’ exposure to health and security threats, private jet travel is a safer way to fly. Passengers flying on a commercial airline experience 700 touchpoints on each journey, whereas private jet passengers experience only 20.
An analysis by travel experts in the UK suggests that the risk of contagion in private aircraft is 30 times lower than in commercial aviation. Furthermore, private jet passengers have access to private terminals to rest before their trip, away from the rush and bustle of commercial airline terminals.
Because private terminals have fewer passengers, both workers and travellers deal with fewer people, reducing their exposure to health concerns.
Value
In recent years, private flight costs have decreased by 30% to 50%, putting flying private closer than ever to the rates of first and business class tickets on commercial airlines.
Frequent fliers who log at least 150 flight hours each year and those travelling in large groups can save money by booking private flights instead of flying in premium cabins.
According to Avinode, a Swedish business-to-business technology company specialising in business aviation, chartering a super-midsize private jet to fly from London to Rome may have cost approximately £15,000 pre-pandemic. Availability for the same flight can be as low as £10,000 (depending on various factors), but mainly because a super-midsize plane can carry up to ten passengers, the total charter cost is around £1,000 to £1,200 per person.
Private jet charter businesses, fractional ownership schemes, and jet card memberships also allow travellers to fly privately on demand, remove the cost of complete aircraft ownership, and make private air travel more affordable.
Time is Money
Commercial passengers can spend approximately 90 minutes or more at airports for domestic flights and up to four hours for international flights – and this is only for a one-way trip.
Passengers that travel by private jet save time by arriving at the airport 15 minutes before departure and completing travel formalities such as immigration, customs, and boarding in a matter of minutes.
Flying by private jet helps business executives to maximise their hours aboard by being active, and for individuals who value their time as much as their money, this means making money even while flying.
Private travel also allows you the independence and flexibility to fly on your own time, which is excellent for travellers who are constantly on the go or who need to travel on short notice. In a matter of hours, passengers can arrange a private aircraft, and passengers can rearrange their travel to meet their particular demands. The flexibility of personal travel is more valuable than ever when travel restrictions are continuously changing.
Total Security and Privacy Guaranteed
Private travel provides unrivalled privacy, making it the preferred mode of transportation for many athletes, celebrities, government officials, and other famous persons. Passengers may go away from prying eyes from the private terminal to the aircraft, knowing that their privacy would be respected and protected.
Private planes provide room and peace of mind for ultra-high-net-worth individuals and entrepreneurs who need to work while travelling, allowing them to pore over sensitive information and papers in a safe setting without the fear of people eavesdropping or corporate espionage.
For all these reasons and because uncertainty remains, flying private means the boom in private aviation will continue into the next three to four years at the very least.
