Global aviation company records 40% of new business from former aircraft owners as customers shift toward sharing economy models
March 14, 2017: VistaJet, the first and only global aviation company, announced that it has safely performed over 100,000 flights in its history, recording significant growth as corporations and UHNWIs continue using business jets to travel the world.
In the first nine months of 2016, 7.7% fewer new aircraft were delivered year-on-year. At the same time, VistaJet took on 15 brand new business jets in 2016 to meet increasing demand, equaling 26% fleet growth. The company has now connected 250,000 passengers to over 1,600 airports in 187 countries.
The company forecasts this growth to continue as a rising number of millennials enter the business aviation market and look to participate in the shared economy trend rather than own a depreciating asset.
Among its new customers were principals as young as 25, and major technology companies purchasing 400+ flight hours for their executives to fly worldwide. The firm reports that 40% of its new business in 2016 came from customers moving away from fractional or full aircraft ownership in favour of anytime access to its global fleet.
VistaJet Program customers accounted for the majority of the company’s business in 2016. The VistaJet Program is a bespoke solution aimed at individuals and corporations flying between 50 and 1,000+ hours per year, offering guaranteed access anytime and anywhere to a global fleet of silver and red branded aircraft.
As part of its 71 business jets, VistaJet now also counts the largest privately owned Global 6000 and Challenger 350 fleet in the industry. In 2016, the company moved its global headquarters to growing European business hub, Malta, whilst expanding its offices in key cities such as Los Angeles, New York City, Hong Kong, Seoul and Lisbon.
Chairman and Founder Thomas Flohr said, “What we’re seeing is that due to broader uncertainty and changing attitudes to ownership, while entrepreneurs and corporations want the flexibility and convenience of using a business aircraft, they don’t want the asset risk or the up-front costs. Celebrating our 100,000th flight is a real indication that customers have found the answers they are looking for in our business model. We have invested in our fleet, our people, and our global infrastructure, to offer an unmatched service. We pride ourselves on providing the support and resources companies need to do business. Whether that is organising complex trips to multiple, remote destinations or arranging for meetings to take place in-flight, regardless of where in the world they are, we are there for our customers when they need us.”