VistaJet: It takes two – ‘partnerships key to recovery’
Partnerships linking businesses across different segments of the luxury travel industry are key to the recovery from Covid-19, according to new research by VistaJet. The survey, completed in association with Barton, the HNW insight consultants, found that many were still cautious about predicting imminent recovery, however 25.9% were optimistic and are reshaping their businesses to catch what they predict to be a recovery in the HNW travel sector.
Ian Moore, chief commercial officer, VistaJet said: “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. As consumers continue to be burdened with complicated travel restrictions, they look for simple solutions they know are safe and reliable.
“Collaboration between the best mobility and hospitality players on the ground provides not only peace of mind, but also the high-quality service and impeccable standards our customers have come to expect. I continue to be optimistic for the long-term growth and opportunities of the sector.”
Saw net revenue fall
According to VistaJet’s report, The Future of Private Travel, the impact of the Covid-19 pandemic last year has been severe for many international luxury travel and hospitality businesses, The report revealed 77.8% of businesses saw net revenue fall by at least 60% year-on-year, and around 43% seeing a drop of over 90%.
Many businesses are already rethinking their operational and commercial strategies – 94.4% having taken or are planning action to alter their customer service. Also 62.3% of businesses have already introduced new offerings, products or services, with increased digital services being particularly in-demand.
As businesses look ahead, 86.5% are taking action to collaborate with other players in the industry, including hotels, tour designers, private aviation, yachts, chauffeur and concierge services.
85% are taking action
Additionally, 46.8% have said that partnerships have already helped during the pandemic, which VistaJet said is notable due to the limitations on travel globally in 2020.
Winston Chesterfield, founder, Barton said: “There is no alternate or flexible working format for most of these businesses; legally mandated closure is often fatal. And yet as this report shows, there is still great hope for the recovery. The eagerness of many wealthy clients to get back out there, after the initial fear from the virus, has been a shot in the arm for the industry.
“It has also required these wealthy clients to place even greater trust in those organisations enabling this to happen. It is the fulfilment of this trust in the foreseeable future that will help to fire up this giant global ecosystem once more.”
Meanwhile, read more about the VistaJet report here.
At a glance: VistaJet Industry Survey
– 77.8% of businesses surveyed in the travel and hospitality sector have seen net revenue fall by at least 60% year-on-year, with 43% seeing a drop of over 90%
– Despite a promising vaccine programme, many businesses are still cautious about forecasting a quick recovery. However, 25.9% are optimistic and are starting to refocus their offering onto a HNW target group, predicting a rapid recovery to pre-pandemic levels
– 94.4% have already or are planning action to innovate their customer service and experience protocols. 62.3% of businesses have already introduced new offerings, products or services, with increased digital services and concierge offerings being particularly in-demand
– 86.5% of businesses are taking action to collaborate with other players in the industry, including hotels, tour designers, private aviation, yachts, chauffeur and concierge services.