Air Partner: Charter Market To Grow on New Travelers

The charter industry will strengthen on the entrance of travelers who are new to the market, rather than from ultra-high-net-worth individuals (UHNWIs) or corporations, according to international charter broker Air Partner. “The population of UHNWIs continues to grow globally, which is good news for private jet manufacturers. The impact this will have on the jet charter market, however, is less clear,” said Air Partner CEO Mark Briffa. “Despite what you might think, the fortunes of the UHNWI in general have rarely proven to foretell the ebb and flow of the jet charter market.”

Briffa believes that “it’s the mood,” rather than money, that drives the private jet market. While blue chip companies remain important customers, he does not see growth in demand from that sector. “There continues to be relatively weak demand for corporate roadshow missions.”

Instead, he said, interest is increasing from people beneath the traditional UHNWI threshold of $30 million net wealth. “We anticipate growth to come from this new generation of private jet customers,” he said.

Private jet transportation is more accessible than ever before, he said, and well within the reach of regular first-class/business-class fliers. “We are seeing a change in buying habits, with tangible goods like flashy watches and fast cars proving less important. Instead, ‘experiential luxury’ and ‘transformative travel’ are in high demand, and people are willing to pay for a superior experience,” Briffa added.

Some charter executives estimate that half of their future customers will be people who have not been active charter fliers. While statistic from WealthX put the average jet owner at 60 years old and male, Briffa said Air Partner is finding the new generation of charter customers is younger than the typical jet owner and just as likely to be male or female.