Super-rich keeping flying private despite surging fuel costs making charters even more expensive
Surging fuel, inflation, and labour costs have sent private jet charter prices up significantly.Covid-19 and the summer chaos in commercial aviation has made going private more attractive.
You may not be surprised to learn that the increase has not dampened the appetite of wealthy individuals to fly on VistaJet's fleet of Bombardier G7500s. In the first six months of the year, VistaJet's global membership rose by 25%, with the number of flight hours up by 76%. It's a similar story for flyExclusive, another private jet charter firm."We've got about all the demand we can possibly handle," says Jim Seagrave, the founder and CEO. Revenues are up 72% in the past year despite a"ballpark 30-35%" increase in charter prices across the board.
"So far it hasn't negatively impacted demand," Seagrave tells Insider, but admits that further price rises may have an impact sooner or later."Right now we haven't had any issues with that and demand is incredibly elastic."enjoyed a record sales run over the past 18 months into its third quarter, its sales chief Scott Neal said at the Farnborough Airshow in July.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UN condemns Russia's ‘illegal’ move to annex parts of UkraineThe United Nations General Assembly votes to condemn Russia's “illegal” annexation of four regions in Ukraine.
Read more »
One arrested for German tourist killingA 35-year-old man has appeared in court for the killing of a German tourist earlier in October.
Read more »
How many YouTube subscribers you need to start making money | BusinessinsiderYouTube creators explain how they got started making money on the platform through Google-placed ads, brand deals, and more.
Read more »
A South African Michelin star chef made us Steri Stumpie pancakes, and they were stunning | BusinessinsiderHe served the pancake with white chocolate, cream cheese filling, and a rooibos carrot cake flapjack.
Read more »