Following the 2008 financial crisis, the global economy has experienced steady and impressive growth, along with global financial markets recording new highs and increased wealth creation. While having experienced a downturn due to the pandemic, the market momentum is estimated to continue on course to break the previously set highs of 2020. As a result, the private aviation industry is experiencing an influx of newly affluent clients who are capable of justifying the associated expenses in exchange for reduced travelling times and exceptional on-board service.
Business aviation is a specialised travel solution enabling people to meet face-to-face during time-critical situations. This mode of transport allows passengers to control their flight and on-ground schedules while gaining access to three times more European travel destinations when compared to regular commercial airlines. The business aviation model significantly contributes to all national, state, regional, and local-level economies, providing underserved areas with one-time ad-hoc business service solutions.
In comparison to 2019, the global demand for business aviation services was down by just 1% in 2020, according to WingX’s weekly Global Market Tracker. In contrast, regularly scheduled passenger flights were down by 45% over the same period. This statistic further exhibits the resilience of the private aviation sector in light of the COVID-19 pandemic. The sector’s impressive recovery and operational figures can be attributed to its less contact-based travel options.
A typical journey on a flight operated by a scheduled airline involves close contact with check-in agents, security personnel, border control agents, and boarding agents. In contrast, business aviation has significantly fewer face-to-face interactions during pre- and post-flight periods. In a report released by GlobeAir, a limited number of pre- and post-boarding contacts, together with a lower number of passengers being transported, lowers the probability of exposure to the coronavirus by a multiple of 3, when compared to regular aviation service. This has resulted in a surge of new customers utilising business aviation options as a safer and better-controlled mode of transportation for private journeys.