CJI Global 2020: Three factors will lead to recovery by 2021, predicts Priester
A combination of a successful Covid-19 vaccine, economic recovery of the hardest-hit business sectors and a post-US election understanding provide a very good chance business aviation will emerge from 2020 stronger than ever before, said Andy Priester. The President & CEO ofPriester Aviation was addressing delegates via video link at last week’s CJI Global 2020 conference and contributes to the panel Operating in the US.
Priester’s optimistic prediction came in response to the question, Where could business aviation end up if new customers arriving in the market remain there and corporate clients return to pre-Covid levels? And how long could it be until the industry arrives there?
Priester told Corporate Jet Investor : “As I mentioned on the panel, we think that there is a very good chance that in time, our industry comes out of this crisis stronger. To answer your question specifically we believe that ‘lift off’ will occur when three factors collide.” Those are:
• A vaccine and/or effective Covid-19 treatment is developed and distributed
• When economic recovery of the hardest-hit business sectors begins
• Post US Election stability and understanding allowing markets to normalise once again.
Priester predicted this will be achieved by the first quarter of 2021.
Fellow panelist, Henry Thomas, director aircraft management, Clay Lacy Aviation, was equally upbeat. “In this scenario the used aircraft market would likely firm and a resurgence of the per seat model of charter or more innovative jet share models would emerge to challenge the traditional charter pricing and attract new clients.”
Watch CJI Global 2020 panel, Operating in the US, to hear more from Priester, Thomas and final panelist, Jet Aviation, senior vice president and general manager, David Best.