Industry Insights

With younger entrepreneurs in the technology and financial sectors now wielding significant purchasing power, we’ve seen that the number of Jetcraft buyers under 45 years old has risen by 20% in the last five years. Additionally, our 2023 Pre-Owned Business Jet Market Forecast also found these younger buyers fly their aircraft 19% more on average than those aged over 50.  

It’s no surprise either that new research from Bain & Co shows that millennials and Generation Z are increasingly driving the ultra-luxury sector, accounting for all of the luxury market’s growth last year.  

Connecting with our audience is how we’re successful. We know our customers. And our regional presence gives us a cultural understanding that many other aircraft specialists can’t match. This insight also applies to the different generations that now make up our customer base. 

So how do you engage with the next generation when it comes to selling luxury assets? 

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At Jetcraft Commercial, we have decades of experience in commercial aircraft transactions. Over the years, we’ve worked with every type of customer across the globe and have seen airlines succeed and fail.

The current landscape provides ample opportunity for this combination of success and failure. On the one hand, commercial aviation has been forced to contend with significant headwinds over the last few years and the post-Covid recovery remains underway. On the other, in adversity there is opportunity, which is why we’ve seen many new carriers enter the market, including Norse Atlantic Airlines, Canada Jetlines, and Bonza in the past year alone, as well as existing smaller operators such as Provincial Airlines in Canada rapidly expanding to replace legacy carriers who have exited markets.

While the prospects for start-up airlines can be exciting, our experience indicates there are several key considerations that will prove key to success.

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Today Jetcraft unveils its virtual hangar, giving visitors 24/7 year-round access to a range of aircraft in a 360-degree immersive experience.

The hangar launch brings together Jetcraft’s full Beyond the Globe experience, following on from the opening of its Decentraland-based lounge, where it became the first business aviation specialist to establish a permanent presence in the Metaverse.

Peter Antonenko, President, Jetcraft noted: “In a world dominated by mobile technology and constant activity, having a virtual space at your fingertips is convenient for all our customers, both new and returning. Over the past five years, we’ve witnessed a remarkable increase in Jetcraft buyers aged under 45, who are embracing business aviation while already being well-versed in up-and-coming tech. We recognized early on the potential of the Metaverse and that offering virtual reality experiences meets the evolving needs of our clients.

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The last, but certainly not least (for 2023), member of our Fastest Sales Team in the World is Mick Doohan. Otherwise known as our President for New Zealand and Australia, Mick is a five-time MotoGP World Champion. In his interview, he explains the synergies between the high stakes racing world and fast-paced business aviation environment.

Can you introduce yourself, and your relationship with Jetcraft?

I’m Mick Doohan, President of Jetcraft Australia and New Zealand. Many years ago, I was a motorcycle racer, winning five MotoGP world championships in quick succession between 1994 and 1998. During this time, I also bought my first private jet to fly to different competitions – marking the start of my exposure to business aviation and my journey into charter and FBO ownership which eventually led to my partnership with Jetcraft.

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Jetcraft Commercial, is responding to high demand for Dash 8-400 turboprops by finalizing multiple deals to buy and sell the aircraft worldwide.

Raphael Haddad, President, Jetcraft Commercial, says: “Jetcraft Commercial has a global presence, financial strength and strategic prowess, which allows us to identify and rapidly react to shifts in market demand. In our recent Dash 400 deals, we’ve purchased sought-after fleets and quickly secured buyers.

“The high speed and performance, as well as the higher density of the Dash 400 perfectly meets the needs of developing domestic and regional travel markets, particularly for airlines operating in landlocked countries, and we’re seeing interest from Central Asia, Europe and Africa. Internationally, there is a growing appetite for regional aircraft with this kind of flexibility and efficiency.”

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Artificial intelligence (AI) is the Collins ‘Word of the Year’ – which comes as no surprise as the technology increasingly dominates our personal and professional lives. London has even just played host to the first AI Safety Summit, where during a fireside chat between Elon Musk and UK Prime Minister, Rishi Sunak, Musk stated that AI is “the most disruptive force in human history”.

However, AI isn’t a new notion and within aviation, airlines, MROs and other operators have been using the technology for fleet optimization, flight planning and ground operations for several years now. For example, aircraft manufacturers and service technicians use AI software and robots and chatbots to streamline assembly and maintenance, repair, and overhaul (MRO) processes.

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The next member of our Fastest Sales Team in the World is Jack Doohan. While Jack isn’t an official member of the Jetcraft sales team, he’s a Formula 2 driver for Virtuosi Racing and reserve driver for BWT Alpine Formula 1, and most importantly, a partner and friend of Jetcraft.

Can you introduce yourself, and your relationship with Jetcraft?

My name is Jack Doohan and I’m a Formula 2 driver for Virtuosi Racing, which is part of the Alpine Academy.  I’m also a reserve driver for the BWT Alpine Formula 1 team. I’m fortunate to have a personal partnership with Jetcraft. I appreciate their support, and I’m excited about our future together.

How long have you been racing for?

I come from a motorsport family and my dad, Mick Doohan (five-time MotoGP World Champion), certainly influenced my path, but racing has always been something I wanted to do. We have a kart track at our home in Australia, so I’ve been driving since I was three or four years old and racing since I was eight. For as long as I can remember, my world has revolved around both two and four wheels, so competing felt like a natural choice for me. Luckily, I took the safer route.

Did you always see yourself entering the racing world?

My life has always been about racing, I never really considered any other path, and I can’t remember a time when I wasn’t thinking about becoming a racing driver. That remains the case, even today. While I do have plans outside of racing in my distant future, my certainty in wanting to take this route and be the best that I can be has never wavered.

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Having heard from Pascal Bachmann last month, it’s now time to hear from the next member of our Fastest Sales Team in the World – our Owner and Chairman of the Board, Jahid Fazal-Karim.

Why did you decide to start racing?

I started racing shortly after Jetcraft sponsored a GT racing team. The owner of the team said, “As you’re here, you might as well drive.” I had done karting and circuits for fun in the past, but never driven competitively or seriously. I began training in 2021, and in ’22, I had my first race season in GT4. I’m now competing in GT3, sharing a car with Pascal Bachmann, our SVP Sales, EMEA.

What do you enjoy the most about racing?

When you’re in the car, you can’t afford to think about anything else. Throughout the day, my brain is occupied with a million thoughts, but I simply can’t do that while driving or I might crash. So, besides the obvious sporting elements, such as the adrenaline rush and the thrill of the competitiveness, what truly matters for me is being in the moment and completely focused on one task.

What personality traits make for a successful racing driver?

I don’t think it’s exclusive to racing but more about athletes at a competitive level – the leaders have talent, like so many others, but it’s their application to the sport that sets them apart. Their dedication, determination, and attention to detail make all the difference to the level of their success.

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The reopening of commercial aviation in Asia has inevitably followed a different timeline to Europe.

While standardization of border crossing regulations in Asia have lagged behind the rest of the world, becoming a point of friction when it comes to travel resuming, demand has picked up again. The China Air Transport Association (CATA) is claiming aviation has returned to near pre-pandemic level, while software business Sabre has identified significant spikes in demand for flights into China as Covid restrictions were relaxed and tourist visas were issued earlier this year. Meanwhile, domestic airlines in India carried a record 13 million passengers in March, according to the Directorate General of Civil Aviation Data and the Civil Aviation Authority of Vietnam has predicted the country’s air traffic will recover to 2019 levels this year.

Ultimately, while the bounce back is incomplete and imbalanced, we can see some green shoots of recovery, meaning aviation businesses can respond smartly to seize new opportunities.

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