Private flying tipped to take off when borders open
THE wealthy are taking to the skies in private planes to a degree not seen around the world for years and although there has been a sharp lockdown slump in New Zealand, a company that handles corporate aircraft here expects the market to boom when the country opens up.
New aircraft models are being launched, futuristic interior fitouts unveiled and in the United States — the world’s biggest market — the number of private plane flights is at levels last seen in the boom of 2007, before the Global Financial Crisis (GFC) hit. Newer preowned jets are being snapped up before they hit the market.
Robin Leach is the founder and principal of Air Center One, the first corporate aircraft fixedbase operator in New Zealand, which was established in 1984.
Mr Leach said there was little international or domestic flying in the current lockdown.
However, he expected New Zealand to mirror trends overseas, where there had been a strong recovery in private flying.
Last year, with airlines off international routes for long periods of time, private jets were the only way wealthy customers could get to some places and this gave them a taste of travel they did not want to give up, Mr Leach said.
They wanted to continue to avoid queuing for security and being in crowded places with others potentially carrying Covid19.
Most of the country’s privately owned planes — of which there were more than 20 — had remained grounded for long periods since last March and their owners had largely stayed within the country.
Quarantine requirements meant few overseasbased aircraft were coming in, but he expected the market to surge quickly when open travel was allowed, Mr Leach said.
‘‘It will come back in spades. The thing is predicting when — I’d have more of a chance of winning Lotto.’’
Jet maker Dassault said private flying was at greater levels than before the pandemic.
‘‘With the American economy booming, the market for new aircraft in the United States is growing. The outlook is also positive in Europe and the Middle East,’’ Dassault chairman and chief executive Eric Trapper said last week.
‘‘Demand for preowned aircraft has continued to be sustained throughout the past year, and secondhand inventory is now at historically low levels.’’
At a flagship show for the private plane industry in Las
Vegas last week, components maker Honeywell released research showing Covid19 had had a minimal impact on orders and flight hours were 5% above those prepandemic.
Its Business Aviation Outlook forecast is for 7400 new business jet deliveries worth $US238 billion ($NZ336 billion) from 2022 to 2031, deliveries up 1% on the same 10year forecast a year ago. —