New research from VistaJet, the first and only global business aviation company, in association with Barton, the high-net-worth insight consultants, demonstrates the far-ranging value placed on partnerships by leading businesses in the sector.
While private aviation has continued to see an influx of new customers, the impact of the COVID-19 pandemic in 2020 has in general been severe for many international luxury travel and hospitality businesses. Over three-quarters (77.8%) of businesses have seen net revenue fall by at least 60% year-on-year, and around 43% saw a drop of over 90%.
However, 25.9% are optimistic and are starting to refocus their offering onto a HNW target group, predicting a rapid recovery to pre-pandemic levels. VistaJet itself saw an increase of 29% in new Members joining in 2020, while its sister brand XO has seen new membership sales up 3x.
As businesses look ahead, it is clear that a majority of industry leaders are looking to collaborative partnerships outside of their core business, to help mitigate the negative impact of travel restrictions and ensure their clients continue to experience unparalleled end-to-end service throughout their journey.