Private jet market faces turbulence as demand falls

Rishi Sunak was forced to defend the use of private jets in July. Photo: Simon Dawson/10 Downing Street

Demand for private jets among the super-rich is in decline as the market's pandemic boom comes to an end.

Belt-tightening and increased environmental scrutiny have led to an annual fall in supplies private jets by 6% in the industry. figures reported by The Telegraph

Activity in the private jet market is still forecast to be 13% above pre-pandemic levels, but there is growing confidence that the market may have peaked.

There were 30 private jets delivered in August this year, up from 36 a year earlier, as supply chain issues also have an impact.

It comes after demand for private jets soared during Covid as the wealthy people were spending huge sums of money to avoid crowds at busy airports, opting instead for a faster, cleaner form of travel.

However, the rise in popularity of private jets has drawn criticism from environmentalists who have expressed concerns about about their carbon footprint.

Rishi Sunak was forced to defend the use of private jets in July, but he said it was «the best use of our time.»

Earlier this year, Greenpeace found that private jets emitted a total of 5.3 million tonnes CO2 over the past three years.

The increased attention has led to tougher measures from EU countries: Austria, France and the Netherlands have called on Brussels to curb the climate impact of private jet travel.

Amsterdam Schiphol Airport announced its plans in the spring. ban private jets, and France has restricted short-haul flights that could otherwise be made by train.

The use of private jets has increased in recent years, according to a study by Dutch environmental consultancy CE Delft. in Britain increased by 75%: last year flights departed every six minutes from a UK airport.

There were 90,256 flights from the UK in 2022, more than from any other European country. The three most popular destinations were Nice, Paris and Geneva.

John Strickland, an aviation expert and former airline executive, said: “Businesses and individuals are becoming increasingly aware of their own carbon footprint and are trying to show that That's what they do with it.»

However, sector advocates point to the fact that global air travel accounts for about 2% of global greenhouse gas emissions, while private jets account for just 0.04%. PC.

Richard Coe, managing director of private jet consultancy WingX, said: “Environmental issues tend to figure prominently in discussions but are not significant in terms of aircraft procurement and use. especially in North America.”< /p>

“The biggest threat to the industry is further macroeconomic shocks, especially financial crises such as the outbreak of a regional banking crisis earlier this year.”