Wealth-X and VistaJet release ‘first-ever’ customer-centric analysis on private aviation industry

posted on 26th March 2018 by Jordan Newton

Wealth-X and VistaJet have released a brand new report on the private aviation industry named The Jet Traveler Report: The Global Perspective on Who Flies Privately and How. It aims to act as the first-ever customer-centric report in the industry.

In a official event unveiling the report in west London earlier today, the companies highlighted a number of current and future trends in flying private, what these meant for the industry and how they can be looked at in order to improve experiences for customers.

The report notes that private aviation is growing but this does not mean ownership of private aircraft is growing at the same rate. Rather, solutions in the industry are becoming more diverse and ‘not everyone who flies privately on a regular basis owns a plane.’

These preferred solutions include membership programs, fractional ownership and on-demand chartering.

Wealth-X analysed a wide database of information on individuals with a high net worth to discover the different methods in which they fly.

By analyzing a number of groups: owners, members and the wider network of Ultra High Net Worth (UHNW) individuals, five key factors that influenced how individuals choose to fly were identified: maximizing time, control, perceptions of safety, mitigating risk and perceived value.

Winston Chesterfield, Director of Custom Research at Wealth-X stated, “by identifying who these individuals are and understanding how and why they fly, we gain a clear understanding of the choices facing them and the typologies that exist in the market.”

The report seems like a unique, valuable insight into the UHNW individuals who fly private. Instead of rather simple and quantitative statistical data on flight times and miles, the report aims at offering more of a profile of the private flier rather than just the industry itself.

These informative results have made a lot of sense for VistaJet. “At VistaJet, we place our customers at the core of everything we do. When a Member signs, we begin building a preference profile, which we continue to enrich on a flight-by-flight basis,” stated Ian Moore, Chief Commercial Officer at the company.

“It might seem obvious, but the infrastructure required to deliver the level of service that our customers expect on every flight, across 187 countries, 1,600 airports on 24 hours’ notice, is incredibly sophisticated,” Ian Moore concluded.

The Jet Traveler Report aims to ‘answer the question of who flies privately and how to identify the key typologies of private flyers, including those who look for complete control, those who want to be seamlessley connected anytime, and the occasional flier.”