The luxury market is changing. The number of people with the means to target high end products and services is growing worldwide and the main brands within this segment are investing to reach audiences in new continents. These audiences are also shifting, especially in behavior and age, and where there once was a crave for purchasing goods, now there’s a desire towards experiences and a clear separation from commitments. Why get a car if you can download an app and pay on the go? Why buy a jet if you can charter different types of aircraft every single time?
Private jet consumers are also evolving. The millennium generation has sparked a new wave of behaviors within the private aviation industry; young entrepreneurs using an executive jet or a turboprop to get to their destination faster. They’re using the service not for luxury and exclusivity, but thanks to the overall flexibility. Fast, simple, reliable, with the possibility to book through an app and pay via cryptocurrencies if wanted.
Monarch Air Group, a private jet provider based at Fort Lauderdale, supports these facts by stating that trends are changing regarding this market’s customer experience. “We are registering more bookings for smaller and more cost-efficient aircraft in routes that are also covered by commercial aviation. This demonstrates that private aviation is increasingly being perceived as a formal means of transportation instead of an occasional luxury, and clients are making the most of this unique service. Time-efficiency is really what they’re after”, says David Gitman, president of Monarch Air Group.
Even secondary services are evolving due to a shift in preferences by some customers. “Luxury cars aren’t the main option for ground transportation as some may think, instead clients prefer large and comfortable SUV’s that can usually seat the same amount of people that were in the flight. Efficiency is paramount”, concludes Gitman.
On-demand charter evolution: the pursue of new experiences
Successful millennials aside, usual private aviation passengers are still small and medium company owners chartering an aircraft to deliver a service on time to a city without commercial connections. Also, executives in seek of work-life balance that can return to base right after a meeting instead of the next day. They book some days in advance, sometimes just hours before the flight, relying on the large pool of thousands of aircraft that companies like Monarch Air Group provide daily.
Although the scenario might be completely different ten years from now, today, the playing field has evolved in such a way that it’s the market that’s adapting to the consumer behavior and not the latter being shaped by the industry. Private jet providers are making a fast shift towards digitalization in order to engage with a new, big and ambitious universe of clients. Millennials and their way of navigating through life, where the work-life balance is paramount, and technology is their language, connects naturally with private aviation’s main traits.
Technology and 360° communications are a starting point by those business aviation providers willing to adapt. A large list is on board with this trend, offering mobile booking apps, online instant quotes and customer service via social media, just no name a few. Nevertheless, those willing to listen and understand that the new generations are all about new experiences instead of fixed services, will thrive in today’s competitive market. An this is true for the whole process of the private jet experience, from marketing to after-sales.
Established in 2006, Monarch Air Group is a leading provider of on demand private jet charter, aircraft management and long-term aircraft lease. Among Monarch’s customers are Fortune 500 corporations, leading entrepreneurs, Government agencies and world leading NGO’s.
