Why private jets are flying high
STORY: Once it was the famous and top execs, now private jets are ferrying families and small business owners
Business flights now account for a quarter of U.S. trips, twice their 2019 share
McKinsey estimates only 10% of those with the means to travel privately did so back then
U.S. private aviation traffic is now up 15% on 2019, while airline traffic is down 13%
Commercial carriers had a 90% share of premium travel in 2019, now it’s 80%
The boom is benefiting plane makers like Textron, Gulfstream, and Bombardier
High flyers have the option of owning their own jet, or renting one
Booking a Gulfstream G280 for 9 passengers from New York to Miami costs $18,100
A single business-class airline ticket for the same trip costs around $421 plus taxes
Subscription-based Wheels Up offers membership starting at $2,995
On average its active members then spend over $80,000 annually on flights
