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Private business jets soaring in wake of London attacks
The private jet business is growing so fast it could double by 2011 to more than 5,000 planes, says the National Business Aviation Association.
“Rather than being humiliated at airports, which now require passengers to check in three hours before departure, and for a while did not allow them to take a BlackBerry or a laptop on board, a growing number of executives is choosing to fly private,” said FT.com.
Private jet companies in the US, where an estimated 70% of the business is located, are reporting a sharp rise in demand since the terrorist alert last month in London.
NetJets, owned by Warren Buffet, controls about half of the estimated $2.6 billion private jet market, according to the National Air Transportation Association.
Delta AirElite, a subsidiary of Delta Airlines, reported a 70% increase in interest in the two weeks after the London terrorist scare.
Executive jets have long stopped being toys for the rich, however.
“The biggest misconception is that private travel is a luxury. We’re a business tool,” said Paul Touw, owner of the California-based XOJet Inc.
The reasons for the industry’s growth are obvious and include cancelled routes, very full planes and periodic security alerts.
The result is that US operations of some companies such as ExeucJet Middle East are expanding their American operations.
“The last fiscal year has been out best for along time. We have than doubled revenue on aircraft sales,” said Mike Berry, managing director.
The use of private jets, however, had been surging since before the London incidents.
There was also a spike in interest after 9-11.
A decade ago, fliers had to outright own a jet or charter an entire plane. But in recent years, new plans such as fractional ownership have made private travel more attractive.
Another advantage to travelers is that they have access to 5,000 airports instead of the 500 reached by commercial carriers.
Private jet travelers avoid customs and immigration and can take advantage of a more reliable service.
And any disadvantages?
“Private jet companies ask for nothing in return, apart from a lot of your money,” answers FT.com.
Report by David Wilkening
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