With the recent global environment, the world has seen some of the highest gas prices since 2008. These high prices are causing a ripple effect on other areas of the economy, including private air travel.
Private air travel is often used by business people and high net worth individuals as a way to save time and get around traffic congestion. COVID, on the other hand, has made private air travel more of a necessity. Many people look to safety, security, privacy, and efficiency when choosing private over commercial.
The increase in demand for private jet travel has drastically increased over the past few years. In fact, July 2021 had the most private flights since March 20, 2008, with 12,345 planes. 2022 has seen even more record-breaking numbers. January flights were 22.7% ahead of 2021 according to Argus Traqpak.
Demand for safe travel and high economic growth has aided the demand for private air travel. However, with inflation and gas prices hovering around $4-$6+ per gallon in much of the United States, will the demand still be there? We believe it will still be in demand now and in the future.
As of March 10th, global traffic records for both active operations being flown and new trip booking requests are still high. With over 80% of Americans who haven’t traveled since the COVID pandemic, they are eager to travel again and travel safely. Many people are looking to pre-book for summer vacations to get ahead of price increases.
Despite high gas costs, private air travel is still in demand. People don’t want to lose the security, safety, and service they get when flying private. While the cost of private jet travel is directly related to the price of jet fuel, there are ways to reduce the overall cost. With the right company, it can be a cost-effective way to get around.
If you are interested in private air travel and aren’t sure what the most cost-effective option is for you, please reach out to one of our Aviation Advisors. Our advisors take the time to understand your needs and desires in order to find you the perfect solution for your private aviation needs.