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The Future of Business Aviation as Seen by Millennials

by Admin on September 4, 2022

Business Aviation is on an upwards journey in today’s world of flying cars. Millennials’ big expectations from the BizAv industry are a key factor contributing to this journey. To know more about their hopes and aspirations from Business Aviation, EBAA surveyed aviation geeks between the ages of 18-25 in four major aviation hubs of Europe – Germany, France, the United Kingdom, and Switzerland. The survey opened discussions surrounding Business Aviation and the future of sustainable personal air transport. iJET, being a part of EBAA, brings you the top 4 findings from the ground-breaking survey and our take on it

 

About Millennials

 

Those who were born between the early 1980s and the early 2000s are considered millennials. They are frequently regarded as the most sophisticated consumers in the modern period. They have a disruptive attitude and blend conventional schooling with online content.

 

Why Do Millennials Have a Better Vision for Future Opportunities?

They are a generation with remarkably varied interests, they are interested in everything from design to tech to activism to the arts. the internet has opened more doors to this Generation than any other.

Millennials are innately dedicated to the environment, technological development, and fair opportunity.

Young people also have a vision for mobility, which includes business aviation. They view future mobility as a cohesive, eco-friendly system.

More than any prior generation, they have access to a variety of vehicles, and business aviation is one of them.

The independence it provides is the main advantage of business aviation for Millennials, and the history of flying is one of inspiration, perseverance, and mastery of the elements.

 

Millennials in Business Aviation: What Are the Opportunities?

Depending on how you view the change(s) millennials are altering the world as we know it for better or for worse.

What effect do they have on commercial aviation? What opportunities and modifications are they likely to bring?

 

A Shared Economy

While drone-like air taxis have yet to appear in our skies, new business models that apply the “Sharing Economy” model to commercial aviation (such as Uber, Airbnb, and others) are making it simpler to connect with this market at a lower cost than in the past.

These businesses are not only beginning to alter business aviation, but they are also opening up new options for lenders of aircraft.

 

New Financing Model

Traditional aircraft lenders have found it challenging to finance businesses at this stage of their development, but the confirmation that these businesses are thriving and turning a profit may present a real opportunity for lenders to depart from the established model of financing high-net-worth individuals and businesses.

 

Do millennials find business aviation appealing?

According to millennials, business aviation will change in the future: An interesting analysis of millennials’ perspectives on business aviation was just released by the European Business Aviation Association (EBAA).

  1. Flexibility: Go where you need, when you need (60%)
  2. Savings on travel time (60%).
  3. Enhanced productivity at work (43%)
  4. Privacy (37.3%)
  5. Safety (34.9%)
  6. service Quality (33.5%)
  7. Extended journeys (multi destinations in a day) (32.9)
  8. Prestige (32%)
  9. Possibility to expand the business (31.7%)
  10. Business worth (cost-benefit) (28.3%)
  11. Technology is establishing ground-breaking trends in commercial aviation. (26%)

 

Important Take from EBAA’s New Survey “How Millennials See the Future of Business Aviation”

 

Sustainability is the Way for Business Aviation

For Millennials, Sustainability is the biggest concern when it comes to private air transport.

iJET, dealing with aircraft operators globally, has witnessed a steady shift in people opting for more and more sustainable personal air transport and environmental-friendly aviation fuel.

Artificial Intelligence (AI) And Digitization Are Next in Line

The 2 other major factors millennials are looking for in private jets is the digitization of the Biz Av industry. With AI with the future of technology, it is no surprise that millennials want to incorporate it into Biz Av. But we believe, that while some parts of the flight management services can be digitized but other parts will still need human touch to it.

The Biggest Advocate for Private Jet Is Its Flexibility

A staggering 62%, believe that the key factors for going with Business Aviation is its flexibility and the freedom it offers. At iJET, dealing with hundreds of flights, their management, and providing their flight support services, we have come to realize that flexibility is the key to customer satisfaction and is also the main aspect of why people opt for private jets.

The Prime Factors Hindering Business Aviation Is Cost

Cost is the main challenge, according to millennials, in making private jets an option for everyday travel transportation. But when taking into consideration the time you save, if you’ve to make multiple stops, and the number of people flying, the flexibility and comfort it offers private charter in fact becomes the more economical way to travel.

 

The survey gives a good idea about the way in which Biz Av is going and the areas that need to be worked on now. These millennials are our future, and their thoughts on private jets are going to change the future of business aviation. To widen the horizon of the aviation world, and business aviation in specific, the veterans and the millennials of the aviation world will have to work together to create a technologically advanced and sustainable BizAv industry. Read the full article by EBAA here.

iJET, being on the top of its game to offer you the best flight management services, has always believed in the key factor of this survey which is sustainability. We at every step of the way try to empathize with the needs of our planets and offer environmentally friendly services as and where possible.

To know more about sustainable fuel, or eco-friendly aircrafts, talk to our operations advisor today.

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