Many of the world’s wealthiest people were forced to sell their private jets during the financial crisis as they tightened their belts and avoided flaunting their riches.
Fractional ownership schemes – which work for aircraft in much the same was as they do for timeshare property – were also hit as the wealthy shied away from buying stakes in private jets.
But US-based NetJets, which pioneered the fractional ownership model, is convinced that there will be a rebound in luxury travel over the next few years.
After cancelling billions of dollars’ worth of new aircraft orders last year, the privately owned company placed a record order for 120 large aircraft in March, to add to its 800-strong worldwide fleet.
NetJets says that falling prices of fractional shares could prompt more people to consider buying.
Moreover, the recession might also generate new buyers by driving more companies and individuals to consider sharing assets rather than owning them outright.
Emily Williams, vice-president of NetJets Europe, says: “We’ve benefited from people wanting to sell their jets. “It’s a no-brainer. Unless you’re flying more than 400 hours a year, it’s uneconomic to have your own aircraft. The hassle and the bother of maintaining a flight department for just one or two aircraft just doesn’t stack up.”Page 1 of 4 | Next Page