The overall utilization of aircraft has been trending upwards on a year-to-year basis, but honestly, the business aviation industry should be further along than it actually is. Part of the reason for the upward trend is due to more affordable pricing for professionals who don’t necessarily have to own a plane to take advantage of the efficiency and convenience private charter traveling provides. The competitive pricing that the industry offers is prompting travelers to consider all of their options, especially if it’s an alternative to commercial flights.
What Does the Future Look Like for Business Aviation?
The future of the business aviation aircrafts will see a massive trade-in of decent-looking aircraft, particularly the medium and large jets as the overall sales for them are relatively low, reflecting a market where there are more sellers than buyers. Some of this might be due to the lack of connectivity upgrades in some aircrafts. In some cases, it might be far more affordable to rent an aircraft with all of the bells and whistles than to upgrade and maintain one.
Many new aircraft today that are being produced are adapting to consumer needs. Also aircraft manufacturers tend to be more aware of their environmental impact and ability to contribute to sustainability issues such as alternative fuels.
What Exactly are Millennials Looking For?
Millennials are known to buy into the experience of a product or service. Therefore, private charter companies have to roll out the red carpet when it comes to competing for bookings. This is where the Millennials really have the power to get what they want in terms of premiere flights and services.
The reason why millennials are more into the experience of a flight is due to social media. Private charter companies who are looking to stay in business need to cater to the demands of the millennial generation. This generation have become journalists in their own right, capturing and recording their experiences and publishing them onto social media platforms like Facebook, Instagram, YouTube, and Twitter. In short, it’s all about staying connected to the internet. Learn why millennials require onboard connectivity in Offland Media’s article, “Do Millennials Only Fly Jets that Offer Cabin Connectivity?”
One way to determine the future of business aviation is to look at the present activity. AV Buyer reported that business aviation departures were up significantly in Western Europe, The UK, Spain and Switzerland with Germany adding the most flights.
AV Buyer states that it’s due to the growth in transatlantic connections. Eighty-three million millennials in the United States say that have traveled within the past year, and the overall amount of trips they take on an annual basis is 1.3 times more than the older generations. A lot of this has to do with the marketing geared specifically toward the millennial generations.
Here are the facts:
- Trip Advisor reported that 18 percent of millennials seeking a travel destination are influenced by a movie. This is twice as much as Generation X and Baby Boomers. This is because television and radio isn’t the only source of advertising. The internet has provided a space for digital advertising where visual content supplements text. This leads to another fact:
- According to Expedia, 42 percent of travelers are influenced by photos shared through social media platforms. This goes back to millennials socializing as journalists. While they are recording their experiences and posting them for their friends and family to see, the businesses are benefiting from this type of exposure and will go as far as to seek out social medial influencers with a decent following to gain more recognition. The Kardashians are widely known for this type of exposure.
- However, the real influencers will be the experts. Expedia reports that millennials deciding factor lies with the influence of industry leaders.
Offland Media Influencing Influencers!
Offland Media wants the business aviation to thrive and in order to do this, we need to continue to provide informative information such as this to give industry leaders a better understanding of where we stand.
The future of business aviation is connected to onboard connectivity! A shocking 8 percent of millennials admitted to taking a trip without their smartphone. Keep in mind that 97 percent of millennials use social media while traveling whether it’s for business or leisure purposes. Also, 75 percent will share on their networks regularly. If the private aviation business recognizes and uses these trends to improve our marketing efforts, the 5-year projection for the aviation industry can surpass and exceed all expectations.
Contact an Offland Media Consultant to discuss how we can make the private aviation sector thrive together. Call 1-800-604-5193 or contact us online and let’s talk.