How the one per cent fell in love with private jet travel

“If you want to fly to your villa or your yacht in July or August, book now. Jets and slots are being snapped up and there are only so many of them out there,” says Toby Edwards, co-CEO of private jet broker, Victor. It’s 9am on Monday morning and the phones are already ringing every few minutes in his office in Fulham, west London.

This summer Victor, which flies passengers a total of three million miles a year, has seen “an all-time record number of bookings and enquiries – ahead even of 2019 which was the most recent peak,” Edwards says. Year on year bookings are up 25% per cent and more than 4,000 new members have signed up. Average customer spend this year is $31,486, up 23 per cent on 2019. “Everything is rosy,” he smiles.

With inflation and oil prices skyrocketing and stock markets tumbling, it might seem an unlikely time for a luxury air travel boom. But it’s not hard to explain if you have been to an airport recently. Not since the aftermath of 9/11 has commercial air travel been more uncertain, unpleasant, and expensive.

Hundreds of thousands of British Airways passengers' travel plans have been ruined in recent weeks by a series of IT failures and flight cancellations, delays and baggage snarl-ups caused by staff shortages. More than 2,000 BA flights have been cancelled or disrupted and the company is proactively cancelling upcoming flights, amid fears of a summer of travel chaos.

Departing passengers have queued for more than an hour to check in. After waiting hours to get off the aircraft, arriving passengers have had to return home without their luggage because it has not been unloaded. “We're seeing new customers who simply cannot face the hassle of travelling commercial this summer – the delays, the queues, the lack of privacy,” says Edwards.

BA has hiked fares to reduce passenger demand. Economy-class return flights to short-haul destinations are now as much as £1,000, more expensive mile for mile than Concorde. That makes private jet fees seem ever more “reasonable” – if, that is, you are rich. A return trip from the UK to the south of France on a Piaggio P.180 Avanti that carries six passengers costs €30,000 – €2,500 each per leg – “ideal for a family of say, two adults, three kids and a nanny,” says Edwards.

At the same time, after so much Covid-related travel disruption over the past two years, those who can afford it are determined to have a stress- and mask-free summer holiday this year. “There's a lot of pent up demand, regardless of your budget or whether you're flying private or with Ryanair. People are determined to go to the beach this summer and enjoy themselves, come what may," says Edwards.

The most popular destinations for the get-there-fast-‘n’-ritzy classes are short-haul European locations less than 2-2.5 hours flying time away, which is the maximum range for the most fuel-efficient and, therefore, cheapest and greenest jets. A trip from the UK to Greece requires a larger jet, such as an Embraer Legacy 600 which can cost twice as much as a Piaggio P.180 Avanti.

Private jet operators and brokers are enjoying an uptick in demand from third-party clients, such as luxury travel agents, concierge businesses, notably Quintessentially, and those who cater for the wealthy clients of private banks.

One reason Victor’s business is booming is that it is the only major jet broker to offset the carbon emissions of all its flights by 200 per cent. It is also trying to use as much sustainable aviation fuel (SAF) as possible, although Edwards concedes it will be many years before SAF use overtakes traditional aviation fuel. “We’re pushing hard, as are many of our clients who are happy to pay more for SAF flights,” says Edward.

Will the boom ease once the days shorten in the Autumn and the looming recession begins to bite? Ian Moore, chief commercial officer at VistaJet, the Malta-headquartered global operator that has 80 aircraft, says, "We see the big shift from commercial to the private aviation industry as permanent as flyers look for more flexible and controlled travel experiences.”

Edwards is less bullish. “I’m apprehensive about how a recession is going to impact our sector. There's got to be some uncertainty around those individuals with newer money, based often in crypto. You’ve got to question how the winter is going to go. But it’s going to be a bumper summer.”

Reader Service: Are you wondering what you need to do before flying? Or when you need to buy travel insurance? Learn more about the Telegraph Media Group Travel Insurance service and find answers to your question