Chinese business flight platform sees surging customers amid weak global market

Source:Global Times Published: 2020/1/9 21:48:40

A privat jet Photo: iFlyPlus



Business jet movements and private flights have been seeing promising prospects in China in 2019, with surging customers and more high-end tailored services despite the global market undergoing mounting pressure, according to an annual industry report.

First tier cities in China, including Beijing, Shanghai, Shenzhen and Guangzhou, remain the most popular origins and destinations for business flights, said the 2019 business jet annual report released by iFlyPlus, a leading private jet platform in China.

Chinese entrepreneurs are using business jets to improve the efficiency of their business activities and continue to deepen cross-regional and transnational business communication and cooperation between enterprises, providing a continuous momentum for promoting long-term economic development, according to a statement sent to the Global Times by iFlyPlus.

There were an estimated 2 million high net worth individuals in China and almost 27,000 ultra high net worth individuals in 2019, according to data from Wealth X, an international research firm on the world's wealthy. 

Thanks to the wealth inheritance of entrepreneur families and the rise of young entrepreneurs, iFlyPlus users born in 1980s grew the fastest at 106 percent year-on-year, followed by those born in the 1990s growing at 101 percent.

IFlyPlus private jet platform users mainly come from high-tech, luxury tourism, medicine, real estate, entertainment and other industries, read the statement.

Zhou Gaojie, CEO of iFlyPlus, said in the statement that globalization has encountered setbacks. Chinese and the international business aviation markets have been impacted by the gloomy economy as well.

But iFlyPlus platform users have increased, especially with a surge in overseas registered customer. The platform's active users have spread to more than 30 countries and regions with flight footprints covering more than 80 countries and regions, Zhou noted.

China's private jet market has shown a promising outlook despite great downward pressure on both global and domestic economies. Estimated private jets deliveries to China reached 960 between 2011 and 2020, and are expected to reach 1400 for the next decade, according to a report from China Industrial Economy News.



Posted in: INDUSTRIES,MARKETS

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