THE FINER THINGS
INFLIGHT EXPERIENCE Indeed, ownership means that the experience becomes even
more valuable. This is important given the switch away from ‘What you own to what you have experienced’ within the millennial generation. “We are seeing a new breed of wealthy who were
previously travelling business class and who now want to step things up to enjoy the convenience and the luxe experience that ownership can provide,” Segard says. Jackson agrees, but says the luxe experience is not just
limited to ownership: “We know that today’s customer values experiences over things, just as access has triumphed over ownership. Luxury is becoming more accessible and luxury brands like ours need to be able to balance tradition with innovation.” Jackson says change through industry consolidation
and collaboration in the next few years is to be expected. “The industry needs more of a joined-up approach
to ensure customers come first, receiving better service and value.” He also points to the role technology can play in making
all segments of the value chain more efficient. “Parts of the aviation space still confuse the need to
deliver high-end customer service with the necessity to preserve a disconnect where availability and pricing of supply is concerned. Digitisation encourages better service for customers and helps reduce costs while also driving greater transparency for, and loyalty from customers.”
THE COST OF COMFORT
The cost of ownership of a new private plane can range from $2 million to $60 million or higher according to AV Buyer, a magazine for those interested in private aviation of all types. AV Buyer says that a turboprop plane, such as a Beechcraft
King Air B200, would cost around
Below: Shawn Vick, chief executive of Global Jet Capital, which has more than $2 billion in assets under management and has expanded its Asia-Pacific presence in early 2019.
$1.5 million, a light jet such as Cessna Citation CJ2+ would be about $3.3 million, and a heavy jet such as a Bombardier Global 5000 about $25.9 million. As well as the cost of the jet itself, the
maintenance costs, once a jet falls out of warranty, can be hundreds of thousands to millions of dollars annually. And since the plane is not operational while it is being fixed, owners must make alternative arrangements, incurring further costs. Other costs include safety inspections, aviation insurance and hangaring (parking for jets). There is also the cost of repositioning the jet when a one-way flight is made. Charter costs
vary, according to LunaJets. The average cost of charter at LunaJets has hovered around the $22,000 mark for the past three years and this can range from short flights in small aircraft at €3,000 ($3,393) to transcontinental multi-stop return flights on Ultra Long Range aircraft at €300,000-400,000.
As a rough guide, prices per hour start at: €2,500 for a four-seater Very Light Jet €3,000 for a six-seater Light Jet €4,500 for an eight-seater Mid-size Jet €7,000 for a 10-seater Large Jet €10,000 for a 12-14-seater Very Large Jet/Ultra Long Range.
Additional costs include airport landing fees.
PHOTOGRAPHY: ISTOCK, WILFRID BUCH
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