Fractional ownership wait times ‘set to fall this year’
Fractional ownership wait times are set to decrease this year, according to luxury travel insight company SherpaReport.
In its recent report, Top Trends in Fractional Jet Ownership for 2023, the firm said the addition of hundreds of aircraft to fractional fleets will cut waitlists in the next 12 months.
The report highlighted that fractional companies are adding to their fleets rather than just replacing aging aircraft. NetJets is aiming to have 1,000 aircraft in its fleet by the end of this year, up from 750 in its pre-pandemic fleet. Similarly, Flexjet is expanding its fleet from 160 aircraft before the pandemic to around 290 by the end of 2023.
The additional fleet, along with demand leveling off, will make fractional ownership a more attractive prospect for customers. Ultra-long-range jets will have the most limited choice, according to the report, but wait times for these will also reduce.
Looking at the year ahead, Nick Copley, president, SherpaReport said: “The next 12 months will continue to be very busy for the fractional market. The reasons are multifaceted, but key trends for increased activity relate to a wider variety of aircraft, shorter wait times to gain access to fractional ownership, a more favorable buyer’s market, flexible structures and an increased focus on sustainability.”
Top trends in fractional ownership for 2023 – at a glance
- New aircraft being added to fractional fleets to meet wider variety of needs
- Waitlist to become fractional owner diminishing
- 2023 will be kinder year for buyers in buyers’ market
- New flexible structures will entice some to fractional ownership
- Actions underway to cut carbon footprint