—
More business owners and CEOs are turning to chartered flights for their travel needs, and that trend is expected to continue in 2020.
Part of the increased demand for private flights is due to the fact that the number of wealthy people around the world has increased, and flying private allows those people more flexibility.
But despite the interest in private air travel growing, most potential travelers are primarily searching for chartered flights, rather than opting to purchase their own planes.
How Will Business Owners Fly in 2020?
A recent report indicates that the growth in private aviation is primarily from people who want economical ways to enjoy private air travel. This includes options like purchasing fractional ownership of a plane, which is essentially a timeshare. From 2016 to 2017, the number of fractionally-owned aircraft rose by 4.7 percent, and that number is expected to continue rising.
Similarly, some wealthy individuals are turning to on-demand charters or pre-purchasing packages of flight hours using jet card membership programs. An estimated 25,000 to 30,000 people already have jet card memberships.
Why are Executives Flying Private?
There are a number of reasons why businesses are turning to private travel. If a company has multiple locations that require frequent travel, chartering or purchasing a small plane may be cheaper than paying for multiple employee trips. Interestingly, small businesses that frequently use air travel are more profitable than small businesses that do not.
When businesses use private air travel, they can avoid long lines and wasted time at the airport. This helps the business become more efficient.
Years ago, private travel was too expensive for anyone other than the extremely wealthy. Now, flying private is more affordable than before, and charter companies are making it easier and more affordable for small businesses to fly privately.
Flying privately is especially important for business owners who need to make the most of their time. It’s also more affordable for people who use a handful of routes all the time.
For example, if a business owner has an important meeting in the morning, they may not be able to catch a flight beforehand. Instead, they have to travel the night before and rent a hotel room. A single meeting could require multiple days of traveling, so a private flight suddenly seems comparably inexpensive and convenient.
Because private air travel has become more attainable, and because it can help business owners cut their bottom line, more executives are turning to private flights for their travel needs in 2020 and beyond.
—
This content is made possible by site supporter Digital Solutions.
Photo: Shutterstock