Since 2020 the private travel sector has skyrocketed in demand due to its convenience, safety, and increased accessibility, particularly in the wake of the pandemic. Private aviation specifically has seen a significant increase in revenue in recent years, and the trend is expected to continue in the foreseeable future.
This growth is evidenced by the 2022 performance of leading private aviation company, Vista, which announced a 50% year-on-year increase in revenue, along with exponential growth in the United States. A report by Bombardier also predicted an increase in private jet sales in 2023. So, why are more people flying private, and who are using private jets?
Keeping things personal
One reason for the rise in private aviation is the increasing demand for personalised travel experiences. Unlike commercial airlines, private jets offer a more customisable travel experience. Passengers can choose the departure time, the route, the aircraft, and even the in-flight catering. Additionally, private jets provide a safe and secure environment for passengers, especially during the ongoing COVID-19 pandemic.
The pandemic has accelerated the trend towards remote work, and many professionals are choosing to work from anywhere. This flexibility has made it easier for individuals and companies to plan trips that fit their schedules, rather than the rigid flight schedules of commercial airlines. This has led to a rise in demand for private jets, especially for business travel.
Companies like Vista have been able to offer affordable private jet services through their innovative business models. They have created shared private aviation services that allow passengers to share a private jet and reduce the cost of travel. This has made private aviation accessible to more people, including those who previously thought it was only for the ultra-wealthy.
The people flying private
So, who are the people using private jets? The demographics of private jet users have changed significantly in recent years. Private jet travel is no longer limited to wealthy individuals or executives. In fact, many first-time private jet users are middle-class professionals who are willing to spend more on a more personalised travel experience. Companies are also using private jets to transport their employees and executives to different locations, as it is a more efficient way to travel.
The private aviation industry is experiencing significant growth, and the trend is expected to continue in the coming years. Factors driving this growth include the demand for personalised travel experiences, the rise of remote work, and the affordability of private jet travel.
Companies like Vista are leading the way in making private aviation accessible to more people, including middle-class professionals and businesses. As the industry continues to grow, more people who can afford it and legitimise it will likely choose private as their preferred mode of travel. I mean, if you could, wouldn’t you?