Steve VarsanoFounder at The Jet Business

Lack of commercial services = corporate jets.

Name: Lack of commercial services = corporate jets.
Uploaded: 2024-08-26T20:02:59+00:00
Duration: 34 s
Channel: Steve Varsano
Description: In this brief commentary, the speaker reflects on how the average age of CEOs has dropped from the mid‑50s‑70s range a few decades ago to a broader span…

26 Aug 2024 · 1 min

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In this brief commentary, the speaker reflects on how the average age of CEOs has dropped from the mid‑50s‑70s range a few decades ago to a broader span from the late 30s to mid‑60s today. He links this demographic shift to a pandemic‑induced change in travel behavior: because commercial airline service was severely reduced during COVID‑19, many executives who had never used corporate aviation were compelled to charter private jets to move staff. The result was a surge of new charter customers—about half of whom had never flown on a corporate jet before—highlighting both an operational efficiency opportunity for the charter industry and a learning curve for inexperienced users.

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Rewind maybe 20, 30, 40 years ago. The average age of a CEO of a company that we used to talk to was probably between 55 and 70, 75. Today, that average age might be from late 30s to mid-60s. And as a result of COVID there was a lot of people who actually needed to fly corporate but didn't know how efficient their operations could become if they flew with corporate jets. They were forced into doing that to move their people around because they couldn't do it with the lack of commercial service. In the aircraft charter business, there was about 50% of the new clients never flew on a corporate jet before.