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Global BizAv Market Cools Down

by Mia Yao
Global BizAv Market Cools Down

The global business jet market continued to cool down in May, although charter bookings are expected to be stronger in the summer, according to flight-data specialist WingX.

“The market is weathering discouraging news, charter market and negative optics on sustainability. Charter bookings for summer 2023 are reportedly strong but may suffer from a generally deteriorating macroeconomic environment,” WingX reported in its latest weekly business aviation bulletin.

Global business jet activity is down by 9% compared to the same period in May 2022, widening the month-to-date decline of 7% versus May last year. In sharp contrast, global scheduled airline activity is up 10% from last year.

Business jet activity in Europe and North America, the biggest business aviation markets, both fell by around 10% compared to the same period in 2022.

The U.S. saw flight activity peak during the Memorial Day weekend, which although up by 14% when compared to pre-Covid levels, still saw a decline of 9% versus 2022.

Aside from Portugal, all the busiest European markets saw business jet activity levels fall during May in comparison to the same period last year.

In other parts of the world, business jet departures saw a 10% increase overall compared to 2022. Countries including Argentina, China and Malaysia saw rebounds of more than 50%.

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