Partnerships further accelerate private travel during pandemic - VistaJet research

KUALA LUMPUR, Feb 10 -- Strategic industry partnerships — linking businesses across different segments of the luxury travel, hospitality and leisure sector — are widely seen as a key component to further the recovery from the impact caused by the COVID-19 pandemic.

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, according to VistaJet’s report, The Future of Private Travel, the impact of the pandemic in 2020 has in general been severe for many international luxury travel and hospitality businesses, with over three-quarters (77.8 per cent) of businesses having seen net revenue fall by at least 60 per cent year-on-year, and around 43 per cent seeing a drop of over 90 per cent.

Despite a promising vaccine programme, many businesses are still cautious about forecasting a quick recovery in the immediate months ahead. However, 25.9 per cent 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 per cent in new Members joining in 2020, while its sister brand XO has seen new membership sales up 3x.

In a statement, VistaJet Chief Commercial Officer, Ian Moore said: “While the impact of COVID-19 has been significant on a number of luxury travel, hospitality and leisure businesses, it is clear that business aviation is leading this entire sector with a V-shaped recovery.

“Hence, we are increasing the number of partnerships to help accelerate the whole sector’s path to recovery.”

VistaJet is part of Vista Global Holding — the world’s first private aviation ecosystem, integrating a unique portfolio of companies offering asset-light solutions to cover all key aspects of business aviation.

For details, visit vistajet.com

-- BERNAMA