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Month: January 2023

After Two Years of High Demand, Private Jet Charters Are Coming Back Down to Earth

Michael Verdon from Robb Report

With charters down 23 percent in a year-over-year period, one analyst believes the newcomers who created record demand—and havoc—over the past two years are returning to the commercial airlines. One analyst monitoring private aviation thinks that the newcomers who rushed in during Covid may be migrating back to the commercial airlines.

The pandemic push into private aviation was fast and dramatic, with some charter operators reporting growth upwards of 50 percent, almost entirely from new clients. Fractional providers like NetJets suspended sales of jet cards for the first time ever to deal with strains newcomers were placing on its operations for existing clients. In late 2020 and 2021 others also put a hold on card sales. The sudden surge in demand caused flight delays and cancellations, pilot shortages and an increase in down time for repairs on the aircraft.

“For some, this slowdown will be a sigh of relief,” says Brian Foley of Brian Foley Associates, who has been monitoring business aviation for 17 years. “It has been crazy over the past few years—the fleet was so overworked. It wasn’t set up to handle this kind of demand.”

Foley thinks the industry may come “back to earth,” with nearly 90 percent of the newcomers returning to the commercial airlines. “We’ve not only seen the foot come off the gas with these people, but the brakes are being tapped,” he says.

Figures from Wing X, which measures private-flight activity, show that charter flights dropped 23 percent in a year-over-year comparison. Private charter activity is also down 5 percent compared to pre-pandemic levels. Used-aircraft inventory has also doubled in the last six months, according to business organization AMSTAT, from what was a unusually hot pre-owned market a year ago driven by newcomers. IADA, which tracks US sales, reports that pre-owned aircraft sales were down 6 percent year-to-date through the third quarter of 2022.

“The catalysts for this change have come in the forms of sagging stock and bond markets, inflation, rising interest rates, reduced virus anxiety and the looming threat of a recession,” wrote Foley recently about the declining market. “With no strings attached when leaving charter, many business aircraft newbies have opted to go back to their economy-plus airline seats.”

Unlike 2008, however, when private aviation saw business plummet across all segments, Foley says this correction is more of the industry finding its equilibrium.

“This is just a cooling off—if anything it’ll give a nice little pop since we think 10 percent of the newcomers will stay,” says Foley. “That’s pretty good growth for an industry that was never designed to be a mass-transit system.”


Luxury Travel In 2023: What To Expect This Year

Luxury Lifestyle Magazine – Reports

Based on our unique insight into the luxury travel industry, we explore what’s trending for 2023, from positive impact travel to set jetters and destination dining.

2022 saw the travel industry bounce back following a turbulent few years, and 2023 is set to see travel come back like never before. Despite the costs of living crisis, Britons are still prioritising travel as a must for next year but are making conscious changes to the way they travel. Based on our unique insight into the luxury travel industry, we explore what’s trending for 2023, from positive impact travel to set jetters and destination dinning.

Positive impact travel
Travellers are increasingly committed to purposeful travel, and not just in a strictly ecological sense. They’re also seeking out companies and experiences that focus on benefitting local people and the economy, whilst preserving natural and cultural heritage.

Stats: In a recent survey conducted by global travel network Virtuoso, 74 per cent of travellers said they’re willing to pay more to travel sustainably if they know where their money is going and 70 per cent agreed that travelling sustainably actually enhances their holiday experience. An American Express survey found that 59 per cent agree that they are interested in ‘philantourism’, the act of choosing vacation or experience in order to support a destination through tourism.

Where to go: Thanda Island, the world’s only exclusive-use island in a marine reserve, strives to preserve the natural environment and give back to the local community. Through its various marine life and environment preservation initiatives, sustainability strategies, community, education and entrepreneurship programmes, Thanda Island makes a positive impact on the planet. On the other side of the Indian Ocean, luxury resort Fairmont Maldives Sirru Fen Fushi is also on a mission to clean up paradise. The resort’s newly launched Sustainability Lab turns plastic waste collected from the ocean and surrounding islands into bespoke souvenirs and unique products, educating guests and empowering local communities to care for the delicate underwater environment.

Off the beaten track
After many holidaymakers choosing to ease their way back into post-pandemic travel by playing it safe, whether with a staycation or a familiar destination, the urge to visit somewhere new, different and off the beaten track is bigger than ever before.

Stats: According to a poll of more than 24,000 people, 58 per cent of travellers want to get ‘out of their comfort zone’ next year. The data also showed that 47 per cent of travellers will seek out a destination with completely different cultural experiences and languages to their home country, while 24 per cent want to visit lesser-known cities off the beaten track.

Where to go: Book a trip with bespoke luxury tour operator EnVogue Travel who leverage a handpicked network of premium brands, to a curate fully personalised, off the beaten track itineraries, tailored to suit the most discerning travellers’ requirements, from retracing the legendary caravan routes of the Silk Road to a heliskiing adventure in Greeland. Discover Bhutan’s culture like never before with COMO Hotels and Resorts six-night Historical Odysseys itinerary which deeply immerses guests into the country’s Buddhist culture.

Destination dining
Hotels are a serious draw to some locations and travellers are looking for hotels that have it all, especially when it comes to dining options. Dining plans are as important (if not more!) than activities – with tastes becoming more diversified and adventurous and food ecosystems are increasingly critical to enticing new travellers and sustaining returning ones. With this is mind hotels and resorts with exceptional dining offerings are set to increase in popularity next year.

Stats: Accordng to a survey from Bidfood, 45 per cent of consumers consider eating out a fundamental activity in their lives and 64 per cent said despite the cost-of-living crisis, they would find it difficult to stop eating and drinking out. Seven in 10 people say eating and drinking out is still the treat they most look forward to.

Where to go: Head to Ibiza Gran Hotel, the foodie hub of Ibiza and best gastronomic hotel of 2022, for a culinary delight. With its very own Michelin-starred flagship restaurant, La Gaia by Óscar Molina, Downtown Ibiza by Cipriani, world-renowned Zuma, and locally inspired ASAL, driven by the two-star Michelin chef, Mario Sandoval, Ibiza Gran Hotel has it all. A one-stop destination for world-class dining, Caesars Palace Dubai offers an impressive variety of culinary experiences to cater to all palates. From a signature beef wellington at Gordon Ramsay Hell’s Kitchen to 14-day aged slow roast duck at Demon Duck by Alvin Leung, each of the hotel’s bars and restaurants immerses diners with culinary challenges and tableside theatre.

Set jetters
Forget jet setting and become a set jetter next year. More and more people are choosing to get off their sofas and experience their favourite TV shows and films first hand and embark on TV-inspired itineraries and experiences. Destinations are creating immersive trips to the places where binge-worthy series were filmed so travellers can live out their favourite shows.

Stats: Expedia reports that 40 per cent of their travellers find inspiration for where to go next from TV shows and movies. saw a spike in British interest to travel to Paris by 50 per cent following the release of Emily in Paris. HuffPost reported in March, there was a 500 per cent increase in daily traffic to the La Mamounia hotel in Marrakech on Tripadvisor following the release if Inventing Anna.

Examples: Follow in Anna Delvy’s footsteps with Cenizaro Hotels and Resorts and discover the vibrant colours and scents of Marrakech with a stay at La Maison Arabe. Or have your own Emily in Paris experience and discover boutique luxury at Pavillon Faubourg Saint-Germain. Situated on the French capital’s Left Bank, the hotel’s concierge has mapped out a walking route for guests to discover some of the most iconic locations from the show, before returning to enjoy the culinary delights of Les Parisiens, by the hotel’s own “hot chef”, Thibault Sombardier.

Splendid isolation
Privacy has become the ultimate form of luxury travel, while freedom, flexibility and sustainability will all help drive bookings in the luxury travel industry next year. A permanent pandemic hangover is the desire among high-end travellers to stay somewhere in utter privacy.

Stat: American Express report that privacy is described as the new ultimate luxury with three-quarters of respondents (75 per cent) agreeing that experiences that offer ultimate privacy are becoming a key sought-after feature of luxury travel.

Where to go: For ultimate seclusion, the Mediterranean’s new stylish sanctuary, Yazz Collective is set within a private bay in Fethiye, Turkey, boasting an unrivalled location which is only accessible by sea. All rooms at CAYO Resort and Spa feature private outdoor pools, set on spacious terraces overlooking the ocean, while the unique stacked architecture ensures none of the rooms are overlooked, allowing guests to feel a satisfying sense of seclusion despite being in one of the UK’s favourite holiday destinations.

Greece is the word
The UK has topped the list of overseas visitors in Greece this year, with over 3 million British travellers, and these records high are set to continue into next year. Greek Tourism Minister Vassilis Kikilias is in discussions with UK market professionals to enable the expansion of flights to Greece until the end of November to increase their season further. Greece is also growing from strength to strength as a growth market for HNW travellers, with evenly distributed interest across global travellers from all markets.

Stats: According to data from the Bank of Greece, in January-August 2022, the number of inbound travellers from the United Kingdom to Greece rose by 316 per cent to over 3 million year-on-year and a recent Virtuoso study conducted with YouGov found that 32 per cent of travellers plan to visit Greece next year.

Where to go: Set on a secluded bay overlooking the glistening Ionian see, Parga Beach Resort invites guests to discover Greece’s unspoiled territories away from the crowds. Famed for its exotic beaches, charming natural landscapes and traditional architecture, Parga is the perfect option for a multi-generational escape in 2023. For a sexier Greek stay set head and shoulders above the competition Nobu Santorini offers heartfelt Nobu service, the brand’s understated luxury flair, as well as a new mesmerising, sea-facing dining destination in the form of the country’s very first Nobu Restaurant.

Exclusive all-inclusive
All-inclusive holidays are set to be the go-to option to help people control their travel spend and take that sacrosanct holiday next year. Acknowledging this, many of the world’s high-end resorts are redesigning the all-inclusive concept, but with a new level of style. No longer a dirty word, all-inclusive has become exclusive and not just a budget break.

Stat: This year’s ABTA Report found that 29 per cent of Britons plan to take an all-inclusive holiday in 2023 to help manage finances.

Examples: This year Lindos Village Resort and Spa re-launched a brand new deluxe all-inclusive concept and is one of the few resorts in Rhodes to offer this elevated experience to adults only. The Residence Falhumaafushi and its sister property, The Residence Dhigurah allow guests of both resorts to travel freely between the two via its 1km private bridge, and the new all-inclusive offering includes unique dining experiences and a myriad of activities.

Trends included stem from Fox Communications’ team of travel experts as well as April Hutchinson, Editor of TTG Luxury’s ‘Going Further’ travel trends contribution to our luxury sector, Fox Quarterly.



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