The wealthy are reportedly traveling less for business, opting instead to use private jets to flee big cities and get away to their resort homes for both business and pleasure.
Private jet flights at Francis S. Gabreski Airport in Westhampton, New York, surged 172% in October, CNBC reported, citing data from Tuvoli, an online payments platform for jets.
Flights at Aspen Airport in Colorado jumped 135% and flights at Vail were up 95%, the news outlet reported.
By contrast, private jet traffic at New Jersey’s Teterboro Airport — often the busiest private jet hub in the nation since it is used by the rich flying to New York City — dropped 52% in October. Private jet flights at Westchester, another popular airport for New York City, fell by 31%, CNBC reported.
Private jet flights also dropped 47% at Chicago’s Midway International Airport, while flights at Dulles International — typically the second-busiest private jet airport in the country — sunk by 48%, CNBC reported.
”It’s further proof that instead of of being at their Park Avenue apartments, the wealthy are in the Hamptons or Aspen,” Doug Gollan, founder of Private Jet Card Comparisons, which compiled the data, told CNBC.
According to the data, while the wealthy are fleeing New York City, San Francisco and other big cities for their resort homes, business travel on private jets has virtually disappeared.
In contrast, private jet companies have seen strong growth in new customers for leisure flights during the pandemic as the wealthy — especially older fliers — avoid commercial flights for health reasons and prefer the more controlled environment of private jet terminals and their own planes.
”Instead of having a meeting in their office, a CEO will have a team fly to their home in the Hamptons or Aspen and have the meeting there,” Golan told CNBC.
Airports in Nantucket, Massachusetts, saw a 28% increase in October, while nearby Martha’s Vineyard saw a 19% jump.