One of the least mourned victims of the economic crisis has been the luxury jet charter industry and the manufacturers of the posh aircraft, which have collectively seen a dramatic slump in business since 2008. Although the industry reached its pinnacle in the late 1990s and has experienced a steady decline in the years since, the drop in sales and tickets has been much more pronounced since the onset of the economic crisis. Many corporate clients and government figures began to shy away from booking private jets after the Big Three auto industry CEOs made the infamous mistake of flying chartered jets to ask Congress for bailout money, and rising gas prices coupled with such bad public relations seemed sufficient to put a damper on the industry for years to come.
However, as the increasing commercial airline ticket fees and ever more intrusive security protocols continue to drive customers away from commercial flights the private jet carriers are starting to see the first real increases in demand since the crisis. Not only are more corporate flights being scheduled to charter CEOs between global business hubs, but the industry has also begun reaching out to less affluent customers as well. Several jet charter agencies have begun offering charter tickets for under $1,000, and others are offering last minute deals for so called “empty-leg” flights that fill up the vacant seats left after a one way trip. These deals allow a wider customer base to access luxury flights that have always been considered a status symbol of the ultra wealthy and celebrities for prices that approximate the cost of a round-trip commercial ticket.
Never the less corporate clients continue to make up the majority of charter jet customers, a trend that is only expected to continue now that the negative stigma on private flights has been forgotten and prices drop even more. The convenience of a fast trip on a private airline that allows passengers to bypass time consuming lines and invasive security is very appealing for busy business travelers, particularly when the flight can be billed to a corporate expense account. Such innovative marketing ploys as the empty leg discounts may help to provide the industry with a minor boost in sales, but the business client will always be the backbone of charter jets and the luxury airlines industry.
