The heads of some of the major business jet manufacturing companies say they have yet to see solid signs of a turnaround in the market for their products just yet, but analysts speaking at a business aviation summit yesterday in New York City confidently proclaimed that the world's uber wealthy are again ready to start pulling out their checkbooks and buying luxury jets in appreciable numbers. The business jet market took a nosedive in 2008 when the global recession hit, and though there have been positive signs of a turnaround since then, the market, especially for small to midsize jets, has remained challenging.
But Jim Taylor and Doug Harrison, analysts with YouGov, an international market research firm, told attendees of yesterday's Jetnet IQ Global Business Aviation Summit that since 2008 the world has been experiencing the greatest wealth boom in history. "This is a very good world for the aircraft business generally, the travel business particularly, and the private aviation business increasingly," said Taylor, who is vice president at YouGov.
The most successful economy by a long shot since 2008 has been the United States, where the economic tide has been rising steadily over the last seven years for people at the top end of the socioeconomic spectrum. "These people always had the money to buy jets, but after 2008 they just stopped," Harrison said. "Now they are telling us they are ready to start buying again."
Taylor and Harrison have conducted their global wealth survey each year for the last decade, conducting thousands of interviews with the world's wealthiest individuals to gain insights into their spending habits.