Steve VarsanoFounder at The Jet Business

How covid impacted private aviation! Parts-1

Name: How covid impacted private aviation! Parts-1
Uploaded: 2023-09-03T22:34:04+00:00
Duration: 53 s
Channel: Steve Varsano
Description: COVID drove a 50-75% surge in private jet demand as people fled commercial airports. Half the new customers had never flown private before. The…

3 Sept 2023 · 1 min

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COVID drove a 50-75% surge in private jet demand as people fled commercial airports. Half the new customers had never flown private before. The ultra-wealthy population nearly doubled from 230,000 to 520,000 in five years.

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What do you think COVID did for the private aviation industry? Because I'll be honest, when that whole thing was going on, that was kind of my first introduction to starting a charter. Travel got very crazy. And even though prices were quite crazy at that time and it felt like every month they were going up, anything just to not deal with the headaches of the airports. Do you think a lot more people got introduced into the private aviation during that time?
There's no question about it. First of all, the ultra-high net worth individual, which 5 years ago there was 230,000 of those people, which is somebody worth $30 million or more. Now it is 520,000 of those people. The most jet card and fractional companies during that COVID period, they had 50% to 75% above any level they've ever had in demand of signing up new jet cards or fractionals. And 50% of those people never flew on a corporate jet before. So all those people came out of the woodwork because those people who were those high net worth people or the corporations who really were a little bit tighter with their money,