Luxury holidays fuel GlobeAir demand

Austria-based GlobeAir says growth in the luxury holiday market has resulted in an increase in demand for private aviation, in line with Avinode's comments on pages 17-18. GlobeAir estimates that around 67 per cent of the flights it operates today are for leisure purposes, whereas corresponding figures in 2016 and 2015 were around 62 per cent and 59 per cent respectively.

Clients are chartering its fleet of Mustangs to the Côte d'Azur, followed by Ibiza in the Balearics and Olbia, Sardinia; the latter destination grew by 165 per cent after experiencing a few years of decreasing interest.

Chief marketing and sales officer Mauro De Rosa comments: “Luxury travel saw a compound annual growth rate of 4.5 per cent between 2011 and 2015, compared to an overall figure of 4.2 per cent. Over the next decade the corresponding figures are expected to be 6.2 per cent and 4.8 per cent as growth in the luxury travel market accelerates even more.”

Flights to London rise as sterling falls

The company also reports a 53 per cent increase in flights to London during the first five months of this year compared to the same period in 2016, which it says is fuelled by the fall in sterling and London's strengthening position as the world's capital for luxury retail.

De Rosa adds: “A significant proportion of luxury goods are purchased outside of a shopper's home market, and a combination of the fall in sterling and more luxury stores opening in London has been a massive boost for the capital's luxury retail market. This has had a knock-on effect on other sectors that are closely linked, including private aviation. Indeed, the number of private jet flights we operate to London from Europe has increased dramatically.”