New research from Private Jet Card Comparisons shows 73.3% of private aviation users are extremely/very confident about their personal financial outlook
MIAMI, FL, UNITED STATES, August 10, 2023/EINPresswire.com/ — New research from Private Jet Card Comparisons offers good news for private aviation, the greater travel industry, high-end restaurants, wine & spirits brands, yacht brokers and real estate agents, organizers of sporting events and outdoor activities, auto dealers, and even watch and jewelry sellers.
The results are based on over 300 responses from paid subscribers to Private Jet Card Comparisons, a buyer’s guide, which compares more than 80 fractional, jet card, membership, and jet-sharing providers by 65 + variables.
The research found private jet flyers are optimistic about their personal financial outlook.
Helping private jet providers, respondents said deteriorating airline service is leading them to increase their use of private aviation.
What’s more, there has been minimal attrition of those users who started flying privately after the start of the Covid-19 pandemic in 2020.
“This is very good news, not only for the private aviation providers, who are dealing with increased costs, labor, and supply chain issues but especially for related industries that benefit from the spending of private flyers into the economy, ” said Doug Gollan, Founder and Editor-in-Chief of Private Jet Card Comparisons.
He continued, “Supporting the optimism, respondents are very bullish about their own financial outlook over the coming two years.”
With the current world situation, how do you feel about your personal financial outlook over the next 12-to-24 months?
– (Extremely/Very Confident) – 73.3%
– Extremely Confident – 36.1%
– Very Confident – 37.2%
– Somewhat Confident – 24.1%
– Not so Confident – 1.9%
– Not at all Confident – 0.8%
Impact of Airline Service on Private Flying
How have airline and airport delays and cancelations impacted your use of private aviation?
– I am or will fly privately more because of what’s happening with the airlines – 54.3%
– It hasn’t impacted my use of private aviation – 45.7%
One respondent noted, “I would have flown commercial airlines more often if it weren’t such a disaster.”
Another added, “Just had two missed connections on a trip last two weeks due tight connections and delayed first leg. Both flights plane was still at the gate but closed. Very frustrating in that it caused us to stay overnight in hub cities to catch another flight the next morning. Really a major pain.”
Sticking With It –
The net impact of confidence in their personal financial outlook and poor airline services appear to be fueling the strong appetite for private flights.
Private flyers, who started flying privately after the start of the Covid-19 pandemic, are sticking with it.
Three years after the Covid outbreak spurred record demand for private jet flight providers, 93.2% of those new flyers say they are still flying privately.
What’s more, the percentage of these flyers who say they plan to continue to fly privately on a regular basis increased from 39.9% last year to 50.7% in 2023.
How do you expect your private flying to change in the next 12 months?
I started/re-started private aviation during or after the COVID pandemic and continue to fly privately regularly – 50.7%
I started/re-started private aviation during or after the COVID pandemic and now fly privately once in a while – 42.5%
I started/re-started private aviation during or after the COVID pandemic, but have now stopped or plan to stop private flying – 6.8%
At the beginning of the pandemic, research from McKinsey showed only about 10% of UHNWs who could afford to fly privately had been doing so.
Powered by new flyers, private aviation saw record usage in 2021 and 2022.
“A lot of people believed new flyers would stop flying privately post-pandemic. So far, that is not happening in any large numbers,” Gollan said.
Pre-Covid Private Flyers
Of respondents who were flying privately before Covid, 51.1% said their private flying is similar to before the pandemic, with 36.6% saying they are flying privately more than before Covid, up from 28.8% last year. Only 12.2% of pre-Covid users say they are flying less.
“I continue to hear from subscribers who talk about the efficiency of flying privately, particularly between spoke cities, avoiding connections and those who can access more convenient airports. Private jets use over 5,000 airports in the U.S., compared to less than 500 with scheduled airline flights,” Gollan noted.
There is also good news for other industries that benefit from spending by private aviation flyers.
When it comes to their passions, traveling for pleasure topped the list, as noted by 88.7% of respondents. Fine Dining (44.5%), Sports and the Outdoors (38.7%), Yachts and Boats (37.1%), Wines and Spirits (37.1%), Real Estate (36.3%), Health & Wellness (34.8%), Luxury Automobiles (30.1%), Arts & Culture (23.8%), and Watches and Jewelry (23.1%) were cited as being of interest by a significant number of those surveyed.
“Private jet users spend on average over $80,000 when they visit a destination, not including airport services, so they drive a lot of money into local economies, and that’s good news for the businesses in the places they are going,” Gollan said.
About the Survey
Results are based on over 300 completed surveys returned between July 21 and July 30, 2023.
79% of respondents use jet cards (spending an average of $275,000), 44% charter trip-by-trip, 20% have fractional ownership, 12% own their private aircraft and 3% fly on company jets. Additionally, 9% use jet sharing and by-the-seat providers, while 20% say they share informally via rides on friends’ private jets.
The survey is part of the 200-page 2023/24 JET CARD REPORT by Private Jet Card Comparisons, published annually in November.
This year’s edition includes new questions about how sustainability programs factor in provider choice, concerns about the financial stability of providers, flexibility to move departure to avoid fees or save money, and lifestyle interests.
About Private Jet Card Comparisons
Private Jet Card Comparisons is a consumer buyer’s guide subscription service to private aviation programs, from on-demand charter and jet sharing to jet cards, memberships, and fractional ownership. Its database includes over 900 program options from more than 80 providers and more than 40,000 data points updated regularly – 105 times so far in 2023.
Subscribers compare programs by over 65 variables in minutes, saving weeks and hours of research. A subscription is $250 annually, and paid subscribers can request a custom analysis to identify the solutions and programs that best fit their flying needs.