New research shows private aviation is set to emerge from the COVID-19 era as much as 10% stronger than it was before the virus.
TraqPak, an aircraft activity analysis and market intelligence company, estimates flight activity from July through December 2021 will increase 32.7% over the same period in 2020 -- and 9.9% over 2019.
Michael Giesbrecht, vice president of business operation at
Incredibly Strong Demand
“Since last August, we have continued to see incredibly strong demand,” said Giesbrecht.
“We have seen business increase across all channels: aircraft management, charter flights and sales and acquisitions,” he said, adding that Latitude 33 Aviation manages roughly 35 aircraft of which two-thirds are available for charter flights.
“The demand for private jet charter is higher than it has ever been, and that is what is making up the bulk of the business these days,” Giesbrecht said.
Personal Travel Sector
Latitude 33 Aviation counts on business from both corporate and personal travel. But it has been the personal travel sector that has grown the most since the onset of COVID-19, said Casey Miller, president of Latitude 33 Aviation.
The reason is twofold, he said. More travelers are turning to private jets to avoid the health risks of airports and commercial flights, he said. The other factor is the lack of charter flights available due to the spike in demand.
As demand continues to increase, the availability for charter flights has decreased, said Miller. This is prompting the wealthy to buy their own private airplanes, which is not only adding to the number of aircraft Latitude 33 manages, but also its number of charter hours.
“We are just now starting to see business travel come back, but it is still heavily personal travel,” he said.
Latitude 33 Aviation LLC
OWNERS: Casey Miller and Solomon Short
BUSINESS: Private aviation company.
REVENUE: Charter hours up nearly 50% in 2021 from 2019.
NOTABLE: Added over a dozen new managed aircraft since August 2020.