Luxury private jets. A status symbol. Something most of us could only ever dream of aspiring to. But for those who live in the ultra luxury world, private jets are more than a luxury, they are a necessity.
That might sound a little extreme, but it’s true. As your wealth rises, as does the need for flexibility and security. Indeed, you’re willing to pay handsomely for these benefits.
The sky’s the limit for private jet marketing
Interestingly, during the COVID-19 pandemic, according to research and consulting firm, WingX, private jet flights in the United States increased by 20% in 2022 compared to 2021. This was the highest number of private jet flights in the United States since 2008.
So while most of us had to stay at home, the wealthy had the flexibility to fly by private jet, using their second homes and private island as a retreat from the world and the outbreak of the deadly virus.
Privacy and security with private jets
This was an advantage afforded to the wealthy, but as we’ve noted, it’s not just flexibility that the ultra wealthy require, but security.
Oprah Winfrey is famous for bumping into a fan at an airport who asked her for a hug. As a result, she asked her lawyer to buy her a G4 so she wouldn’t have to mix with the public again.
This also leads to accessibility. Someone like Oprah has a jet on standby for any time she needs to travel, but for normal HNWI or even UHNWI this isn’t attainable.
While they can still travel on private jets they need to hire rather than buy. This leaves them tied to the schedules of brokers and the planes that are available rather than the luxury of their own customised plane.
What else do we know about the ultra wealthy?
Looking at audience types through the recent Altrata World Ultra Wealth Report in 2022, we can see that the majority of UHNW and billionaires live in the US and China, and that they’re self-made either coming from finance (25%), business and consumer services (11.8%), real estate (6.9%), manufacturing (5.1%), or technology (5%) backgrounds.
In our recent article on HNW and UHNW audiences we cover more information around interests and locations of these wealth segments.
Private jet travel is taking off
Over the last five years in Europe alone we’ve seen a 12.6% increase in private jet flights, equating to just under 600k each year, which can be attributed to:
- Economic growth. The global economy has grown in recent years (in our article on luxury yachts we look at this increase of the super wealthy), which has led to an increase in the number of wealthy individuals with the means to own and operate private jets.
- Technological innovation. Technological advances have made private jets more affordable and efficient, which has made them more accessible to a wider range of people.
- Changing lifestyles. People are increasingly seeking out unique and exclusive travel experiences; private jet travel offers a way to achieve this.
- Safety and security. Many people in the UHNW bracket also have security concerns. Indeed, Simon Cowell recently sold his London home for £30m under the asking price after being burgled several times. Anonymity for the ultra wealthy is an utmost benefit.
We see strong overlaps between the habits of the owners of private jets, superyachts, and private islands. By understanding the convergence in interests and the nuances of this audience, we’re able to create innovative marketing programmes for luxury brands that resonate with the needs and tastes of the super wealthy.
Get in touch to discuss how we can help your luxury brand connect and engage with HNW and UHNW audiences, driving long-term business benefits and competitive advantage.