Adapting to consumer behaviour, technology and the ever-shifting economy allows companies to keep competitive, observes Monarch Air Group’s Felipe Reisch. With Business Aviation no exception, here’s a review of some changing private aviation trends...
Among the many interesting, and important data to emerge from the US charter market has been the rise of the turboprop business airplane (particularly the Single Engine Turboprops - SETPs).
Sold today with more spacious, better noise-insulated cabins, SETPs have had a hugely positive impact in Business Aviation, affording frequent private jet travellers a more efficient option for their shorter-haul flight needs, without compromising on luxury or comfort.
Monarch Air Group noted a 30% increase in turboprop rentals during the past five years, which supports the competitive edge these aircraft can bring to the market. Analysing and interpreting such data has proven invaluable to meeting market demand when the topic of fleet development arises.
Travel Trends in Business Aviation
Another growing trend is the need for Business Aviation users to explore new markets outside of North America, Europe and the Caribbean. South America (especially Brazil), has a major business aircraft fleet, and an above average infrastructure that has been raising some interest among global charter operators.
Further, while the steady growth of the Middle East private jet market may not be news to global private jet operators, if expanding the range and acquiring new global clients is within the operator’s objectives, then there’s a need to account for emerging markets.
Other markets that cannot be ignored at this time are China and Nigeria, both propelled by the growing number of wealthy businessman and woman located there. Nigeria already accounts for the largest market in Africa, and is currently the fastest growing private jet hub in the world.
New Clients Trends in Business Aviation
Of course, we all know that in-flight technology for pilots and passengers is standard for new private jets. The price of the aircraft charter aside, availability of top-range cabin connectivity is often the starting point when you purchase or rent an aircraft.
But there is a different story to be told when one accounts for how private jet operators connect with clients and use technology to track their behaviour…
Using different apps, social media techniques and having a well-established business intelligence strategy is a must for today’s charter provider to build a sustainable business, especially when targeting a new type of traveller is within the objective.
Those new clients would be the so-called ‘occasional private jet travellers’, who have been making some noise lately. Although that ‘noise’ is not enough to become a core business line for charter operators, Monarch Air Group found that occasional private jet travellers accounted for 8% of sales during summer 2017.
Exploring New Frontiers in Business Aviation
Willingness to exploring new business lines should constantly be debated within charter operator management. That may include the possibility of offering freight services with a specific aircraft (including the transportation of dangerous goods); acknowledging a lack of air ambulance service providers in certain regions; or launching a Fractional Ownership program.
The Business Aviation market is an ever-changing environment. The private jet operator that reads the trends and adapts is the one that will prosper…