Business travel. For decades, it was done via commercial flights, and before the internet evolved and the pandemic began, it was one of the only ways to do business all over the world.
Airlines in the travel industry grew to rely on business travelers too. This was because while they only made up 12% of the total passengers on commercial flights before the pandemic began, they accounted for 75% of the profits for commercial flights.
It is safe to say that the pandemic has brought this to a halt, particularly for international business travel.
The question in the industry seems to be if this is temporary because of the pandemic, and business travel will go back to normal once travel restrictions are loosened? Or, is this the new normal with a new way of planning for business travel?
This is what the future of flying can look like.
Decline in Flying
There has been no doubt that the pandemic has caused a decline in people flying, whether it is because people literally are not allowed to go to a certain destination, or because other measures have resulted in them not needing to do so.
Since COVID struck, there has been about a 60% decrease in overall passengers on flights compared to past years. When it comes to business travel, 42% of European businesses in a survey said they were planning on having reduced air travel for business even after the pandemic measures are put to rest.
To make matters worse, even people as influential as Bill Gates are predicting that business travel is going to decline on airlines.
What is his prediction? Those airlines will lose 50% of business travel that occurred before the pandemic.
With this, there are a few factors. The first is obviously the fact that a lot of international borders are closed for certain countries.
A great example is the fact that Americans cannot fly to any Asian country right now without going through several hurdles. An example is at least a 10-day quarantine in countries that will let you in at all.
Then, there is the rise of Zoom. With video calls and virtual meetings getting easier and easier to do, some businesses may not feel the need to spend unnecessary money on air travel. This is especially the case for those that are losing a lot of revenue because of the pandemic.
Rise of Private Jets
With the above in mind, it opens up a player for business travel that some may not have thought of, with that being private jets.
Let’s face it, companies are suggesting that air travel will be more planned out in the future and only done when necessary. That might eliminate the need for last-minute travel on commercial flights, where airlines tend to charge a premium for getting you onboard that flight instantly.
Private jets can be a way to allow you to plan your business travel more efficiently, possibly impress your clients if you are traveling with them, and even potentially save you money in business expenses.
Commercial flight routes are getting canceled left and right, and depending on where you are going, it has become an even bigger hassle than it already was to fly commercially.
Some have noticed as much as a 127% increase in new customers for private jets compared to previous years before the pandemic.
How Does It Work?
Flying private is rather simple. You just have to enter what airport you want to depart from and what airport you want to arrive at, assuming both of those are doable. Then, you type in how many people will be joining you on the flight, what days you will be flying, and what time you would want the flight to take off.
There is also the option for an “empty flight”, which is when a plane flies without passengers either after you drop your party off at the main destination or on its way to pick your group up. Sometimes, this will be needed for logistics purposes.
Of course, you can take a look at different-sized charter jets available as well. There are very light jets, light jets, midsize jets, heavy jets, and more.
Buy or Rent?
You have the option to either buy a charter jet and hire a jet management company to take care of it for you, or to just rent a charter jet whenever you need to fly with your business, if you do not feel like you would fly often enough for the costs.
If you do decide to buy, you can neutralize ownership costs by renting your jet out to other businesses or parties who may need one. Another way to save money for you or other parties renting would be to split the cost of a flight with another party.
There are options available where you split the charter with another party and you end up paying around just half the cost (depending on party size) than you would otherwise.
There is a catch to renting, however. This is that you are either renting the entire aircraft or splitting it with one other party, so you cannot just book one seat on a charter if you want to go solo.
Business Travel by Private Jet
With the current unpredictability of flight routes and the hassles of commercial flying, it is understandable to seek out other options for business travel.
Using a private jet can be the future of the industry, allowing businesses to plan more well-thought-out air travel, more luxurious travel, more convenient travel, and perhaps more return on investment.
Are you ready to jump in? Get a charter quote today and fly away!