Millennials ruin everything — at least that’s what news headlines might have you believe. The truth is, millennials aren’t harbingers of doom for traditional industries — they’re disruptors. The industries falling by the wayside aren’t being banished by millennials, they’re just failing to adapt to their needs. It won’t be long before BizAv faces a make-or-break reckoning with millennials. Thankfully, the industry is already undergoing early-stage transformations to accommodate them.
Millennials embrace BizAv on their terms
Millennials are typically defined as people born in the early-to-mid 1980s, who grew up in the 1990s and entered the workforce in the mid-to-late 2000s. Now, this group is starting to settle into their careers, achieving higher positions in companies and assuming more responsibility for how modern businesses run.
With millennials at the wheel as decision-makers, business is changing. Millennials have embraced private aviation, but on their own terms. They’re more likely to charter a private aircraft but less likely to pay exorbitant fees to do so. This example and many others have put BizAv in a position for change.
A look at the disruptors
What do millennials want from BizAv? All it takes is one look at the industry trends driving it (and holding it back) to see what their priorities are:
- Fractional flights — As decision-makers, millennials are less likely to make the expensive purchase of a new corporate jet. A cost they’re more willing to absorb is fractional ownership of a jet. Fiscal responsibility meets accessibility to flights. And with flexibility, productivity, and timeliness the top three factors millennials look for in flying, fractional flights are a natural fit.
- Flying as a service — Similar to fractional flights, on-demand flights or flying as a service (FaaS) is ripe for potential in the new BizAv market. Following software as a service (SaaS) models, FaaS provides on-demand service where and when it’s needed, without the massive costs of full-time jet ownership.
- Skiplagging — Nothing shows the disdain for high-cost flights and complicated commercial logistics like the skiplagging trend. This practice involves booking a flight with multiple layovers, with one of the layovers being the ultimate destination. By skipping the last leg of the flight, passengers get to their destination cheaper.
- Jet cards — Customization and flexibility are two traits millennials demand more than anything else. They want solutions that fit their problems. Jet cards have proven themselves as a tailorable solution to the problem of chartering flights. With hundreds of options and infinitely customizable variables, jet cards have made BizAv more accessible to millennials.
Millennials are overwhelmingly driving change in the BizAv industry. They’re doing so by demanding a higher caliber of service, for a lower rate, with more options. It’s the same way they’ve disrupted most other traditional industries.
BizAv has time to adapt
Sweeping change to BizAv won’t come overnight — but make no mistake, it’s already begun. Industry leaders have been keen to recognize it. Companies such as Surf Air, Wheels Up, JetSuiteX, and others have positioned themselves to meet the demands of millennials booking private charters. Their entire value proposition focuses on meeting the criteria millennials have set down: customization, affordability, convenience, and timeliness.
Millennials are still rising the ranks of the workforce and accumulating personal wealth. We may still be as far off as a decade from seeing their real impact on BizAv. But, as is the case with all forms of change, early adaptation is proactive. It’s why many private air charter companies have already begun answering the demands of their growing millennial customer base.