NAFA member, Dan Kilkeary, SVP Sales Americas, Jetcraft, discusses the US private jet boom.
In the United States, Jetcraft has seen a tremendous uptick in demand for aircraft ownership driven by health considerations of the Covid-19 pandemic and a rise in global wealth in the financial markets. This trend is reinforced by record levels of capital raising and Initial Public Offering (IPO) activity, and buoyed by supportive public market valuations. Here are our key takeaways from the private jet boom.
Business is coming back
Business aviation users are demonstrating a pent-up desire to travel to locations that are currently being under-served by airlines. The pandemic has led to a reduction in flight routes and several US carriers have seen mass flight cancelations caused by staff shortages. Private flying in comparison regained momentum much quicker and purchasing a private jet is enabling owners to mitigate the limitations of commercial travel, reaching their destinations faster and via a more direct route.
New buyers are being attracted to private aviation to control their environment and reduce their touchpoints and exposure to the virus. We’re seeing global business return, with executives expressing a strong desire to fly internationally for face-to-face meetings with clients to reconnect and reaffirm business relationships. This trend has been particularly strong in North America, demonstrating an eagerness to return to normality, facilitated by private aviation.
This article was originally published in Jetcraft's Jetstream Industry Insights on February 11, 2022.
