Jamie Biesiada
Here's a trend that is good for any advisor's bottom line: First in Service (F1S) in 2023 saw double-digit increases for private jet bookings and business class tickets.
The New York-based agency recently surveyed advisors and found that private jet bookings were up 12% in 2023 compared with 2022, and business class ticket bookings were up 18%.
Those increases are evidence that travelers want three things, F1S CEO Fernando Gonzalez said: "personalized, comfortable and exclusive experiences."
According to F1S advisors, the clients who want to fly via private jet tend to be high net worth individuals with busy schedules who want a less stressful flying experience.
Clients who want business class seats on planes tend to be flying internationally, F1S said, and are sometimes families looking to take the stress out of getting to their destination.
If your clients aren't quite at the high net worth level yet, don't discount the idea of private jet travel. I've talked to several advisors who have had success selling private jets to groups of families traveling together who then share the cost. Especially if they were planning on front-of-the-plane travel, it could be an easy sell.
Luxury lodging trends
F1S also recently released some insights into lodging trends. Similarly to aviation trends, clients want luxury.
Clients have shifted toward more unique, boutique properties, F1S said. They are also looking for upgrades, and willing to pay for more premium experiences.
Luxury travelers and groups are often opting for villas, according to F1S.
Overall, F1S said clients have gotten used to higher room rates in recent years.
"Luxury and personalized experiences continue to dominate the preferences of our travelers, with a notable shift toward unique, boutique properties and private rentals," Gonzalez said.