Private jet travel demand tapers in Singapore but remains above pre-pandemic levels

DEMAND for private jet travel in Singapore has eased from the peak in 2023, but is still higher than pre-pandemic levels.

Adam Cowburn, managing director at Alton Aviation Consultancy, told The Business Times that Singapore is seeing a modest correction in private jet travel demand.

Business jet departures from Changi Airport and Seletar Airport slipped about 8 per cent year on year in 2024.

This, Cowburn said, is in line with many other large private aviation markets, where activity levels have retreated modestly from post-pandemic highs that were roughly 30 per cent above pre-pandemic levels.

During the pandemic, demand for private aviation travel was lifted by a shortage of commercial aviation services and health concerns over taking commercial airlines. The immediate post-pandemic economic recovery also drove increased business activity and wealth creation, which fuelled further demand for private aviation.

Private jet travel demand has since normalised as borders reopened and vaccines became widely available.

The Asian Sky Group reported that Singapore topped the Asia-Pacific region with 4,521 departures logged in 2023, with Sydney a distant second at 3,754 departures. But in the first three quarters of 2024, the Republic chalked up 3,528 departures – trailing behind Sydney’s 3,700 departures over the same period.

The Asia-Pacific business and general aviation transaction and consultancy firm has not reported the figures for the fourth quarter.

Singapore-Jakarta was the most popular private aviation route within the Asia-Pacific region in the three quarters of 2024, according to Asian Sky Group, which reported using data from data research and consulting company WingX.

Meanwhile, the total number of business aircraft flights departing from the Asia-Pacific has been sliding quarter on quarter to 28,351 in the third quarter of 2024, from 28,448 in Q2 and 31,167 in Q1. However, the figures showed a marginal improvement on a year-on-year basis in Q1 and Q3.

Several flight operators commented that demand has tapered in 2024 after spiking in 2023.

The number of flights arriving and departing in 2023 increased by about 77 per cent over 2022, said Jeff Chiang, director of business development at jet services provider Amber Aviation.

But for 2024, Chiang said there was a “slight” decrease in flight activity compared to 2023.

TAG Aviation Asia commented that there was a significant jump of over 50 per cent in traffic in Singapore in 2023 compared with 2022. “Movements tapered a little in 2024 but were still close to 30 per cent above 2022 levels,” said Simon Bambridge, commercial director at the private jet management and charter company.

He added: “Some of the uptick we saw in 2023 was undoubtedly ‘revenge travel’ after the travel restrictions of the pandemic years and, consequently, we have seen that demand moderate a little in 2024 as travel patterns normalise.”

VistaJet owner Vista Global has noted that flight hours surged by 45 per cent, traffic rose by 31 per cent and the number of clients committed to a long-term programme membership increased by 47 per cent for Singapore between 2022 and 2023.

Vista, a leading global business aviation group and parent company of VistaJet, saw the total number of flights increase by 20 per cent year on year in the first three quarters of 2024.

The private aviation company’s executive vice-president of sales for Asia-Pacific, Crystal Wong, said: “As one of South-east Asia’s leading financial and trade centres, Singapore offers a business-friendly environment, strategic location, and robust infrastructure, making it a key gateway for business leaders and entrepreneurs to access key markets across Asia. This creates a strong demand for efficient travel solutions.”

Singapore as a hub for high-net-worth individuals, along with increasing cross-border investments and the expansion of South-east Asian conglomerates, has further driven demand for private jet travel.

Alton expects private jet travel demand to rise over the long term in Singapore and globally because activity levels have shown a robust correlation with overall economic activity, as well as the number and aggregate wealth of ultra-high-net-worth individuals.

Experia Events is capitalising on the high demand for private jet services to organise the inaugural Business Aviation Asia Forum and Expo in March in Singapore.

“The consensus is that Asia-Pacific, being the third-largest market for business jets, warrants having its own show dedicated to business aviation,” said Leck Chet Lam, managing director of Experia Events.