It’s never too early to look ahead. With the end of the third quarter of the year looming, private jet providers can envision what’s coming their way by reading this year’s trends and market shifts. But as in every industry, there’s always room for uncertainties and surprises. Monarch Air Group, private aviation operator based in Fort Lauderdale, predicts what’s on the horizon for 2019.
Growth in the Private Jet Market
The private jet market will grow. It will grow in actors (providers), clients and in aircraft availability. The aircraft sales market is a bit flat worldwide, which at the other end supports the growing pool of used planes, therefore increasing aircraft availability for operators and brokers alike. Another area of growth will come from users; entrepreneurs and millennials ready to experience the amenities of private travel alongside their unique perspective and expectation: go digital or go home.
But who will pilot all these available private aircraft? Boeing predicted that during the next 20 years there will be a worldwide demand of almost 800,000 pilots, almost 100,000 of them in the business market. Furthermore, that shortage is still felt today for private jet operators, which must compete with a more predictable schedule, signing bonuses or long-term stability that commercial airlines bring to the table for pilots.
Outsourcing the Service
Owning an aircraft isn’t what it used to be. Increasing costs, the need to fly at least 400 hours a year to make it cost-efficient, scheduled maintenance…the list continues. And this is the reason why charter companies and all the varieties of deals in the market (jet cards, fractional ownership, on-demand charters) have registered growth. Nevertheless, this trend will reach the corporate level as well, with companies outsourcing their private jet needs instead of owning their own aircraft, thus increasingly reducing costs.
It’s All About Customer Experience
With so many players in the market—small, medium and large operators and brokers stating they are the leading providers—customer experience will be the key variable that will determine loyalty. And not only the in-flight customer service but the entire private jet experience—digital booking, flexibility, overall cancellation policies, and aircraft availability. Although private aviation is still reserved for a few, that pool of ‘unique’ people is quickly getting larger, so tightening up the customer experience by aligning with today’s purchasing and service habits will be the key for success.
Flexibility over Luxury
More than ever, private aviation is about arriving 10 minutes before the flight and getting the most cost-efficient way to a destination. Privacy and comfort aside, flexibility is what separates private jet flight from other means of transportation—the possibility to land at any airport in the world and to fully adapt to the client’s needs. Private operators and brokers need to start shifting the way they communicate their service, because time, not luxury, is today’s currency.
Established in 2005, Monarch Air Group is a leading provider of on-demand private jet charter, aircraft management, and long-term aircraft lease. Among Monarch’s customers are Fortune 500 corporations, leading entrepreneurs, government agencies and world-leading NGOs.
This is a sponsored article written by Felipe Reisch, PR Manager for Monarch Air Group. Wander With Wonder provides content from sponsors we believe can offer great service to our readers.