The private jet charter industry is in a “race to the bottom,” with too many operators competing for too few trips in a volatile and highly competitive market. Some Operators will survive, but many will not. The key to survival is quickly adapting to selling flights in this new reality. For many operators, their current approach to sales may be standing in their way.
Industry focused articles are coming out with increasing frequency about the struggles operators are facing and the many companies that are not getting through it. Increasing cost from inflation is part of the problem, but the root cause is an unprecedented reduction in demand for charter flights.
CNBC’s Robert Frank wrote, “Private jet flights fell 15% in the first half of the year compared with their peak in 2022, as the industry grapples with waning demand and a new competitive landscape for high-end travel.” Our data shows a much deeper decline. For some periods and some markets, demand is more than 60% below 2021 and 2022 numbers, and 20-25% below a pre-pandemic “normal” market. Our forward looking data shows little to no improvement in demand through the end of this year.
Doug Gollan, founder and editor of Private Jet Card Comparisons, wrote in Forbes, “The forecast for private jet flight providers in 2024 is headwinds and turbulence.” While Bloomberg has reported, “Private Jet Companies Can’t Escape the Post-Covid Gloom. The private jet industry struggles to adapt to high costs and receding demand.” Even major operators like Wheels Up, Volato and VistaJet have encountered significant financial challenges this year, as private jet charter demand continued to decline during the travel season. SetJet, Jet It and Georgia Jet among others could not survive and have already closed the doors.
We believe thriving through uncertainty comes down to creating more opportunities, vetting them faster, and booking them before competitors even have a chance to act.
The fast will eat the slow.
Sentinel partners with charter operators who need to compete and who want to win. Every day we quote your fleet in your schedule against hundreds and sometimes thousands of requests you’re not currently seeing. We send travelers options on your fleet with unmatched speed and accuracy. We bring you ready to fly flights, to help you thrive, not just survive.
Contact us TODAY, and take the first steps to making sure you’re not the next struggling operator in the news!
