Private Jet Forecast for 2024

As 2023 comes to an end, economic forecasts are preoccupying the minds of business leaders as they try to get a sense of what to expect after several years of turbulence and unpredictability.

In times like these, businesses look to sources of stability, as well as overlooked opportunities for growth. The counterintuitive move that these businesses understand is that even during times when others are scaling back, there are ways to capitalize during periods of uncertainty if you have the right information.

The private jet market is one such source of stability and growth in the U.S. and global economies. Today’s jet market remains strong, and it appears that its resilience has great potential to carry over into the coming year and beyond. Buyers will be particularly fortunate, as those who are seeking a pre-owned jet for sale will find ample opportunities to purchase in a balanced market.

Economic Resilience Despite Inflation and Commodity Prices Is Good News for Private Jets

U.S. businesses and consumers have been dealing with inflation for three full years, which, of course, immediately followed the emergence of COVID-19. Businesses have been preparing for a worst-case scenario since that time, weathering fed rate hikes, commodity price increases due to geopolitical challenges, and the unprecedented nature of a global pandemic.

Businesses are feeling the whiplash of hearing one moment that a recession is imminent, only to hear it will be avoided and that they should be prepared for both a soft landing or a hard crash. Despite these contradictory warnings, the new and used private jet market only increased from 2020 onward, with analysts’ models continuing to demonstrate growth in this sector.

Businesses have learned how to remain focused on their goals. To find success, continued partnerships are an essential part of day-to-day business, and these conversations aren’t happening through Zoom. They require flight.

What Makes the Private Jet Market Resilient Now and in the Future?

While an armchair economist might conclude that during a downturn, business assets will see an increased inventory at a lower value, this does not have to be the case for business jet owners or those searching for a used private jet for sale.

The biggest reason for this is a simple one: businesses that want to continue relationships and seek new opportunities, even during tough economic times, will need to travel on their terms. A recession doesn’t stop business activity, even if it changes the nature of a business’s strategy, if only temporarily.

Pursuit of new business and the growth of established opportunities is essential. Business development demands meetings, presentations, proposals, conferences, entertaining clients, site visits, and all the activities that keep businesses working together.

This is why business analysts project business travel overall to grow significantly in less than a decade, even in the commercial airline sector, which has been far more volatile and less resilient than private aviation.

The acceleration of business travel will occur despite current economic challenges. Predictions on industry growth include economic downturns and long stretches of weak consumer spending. In fact, market analysts apply hard truths about the economy to inform their insights. Therefore, despite economic challenges, the U.S. and global business travel markets are poised for continued growth.

What Does This Mean for Private Jet Buyers in the Coming Year?

The growth of the private jet market overall signals that demand from those seeking a pre-owned jet for sale continues to increase. Demand, however, is not so high that buyers are at a disadvantage. Economic uncertainty does put pressure on every industry, including the jet market, even if businesses have shown stubbornness about continuing to travel to meet their goals.

A recent quarterly market report by the International Aircraft Dealers Association, a leading accreditation organization, stated that the current dynamic between buyers and sellers appears to be balanced. This means that buyers will likely be able to get a fair price without having to worry about inflated values. Sellers, too, will be able to find buyers seeking a business jet without the kind of anxiety that often accompanies a slump in demand.

Businesses operating without a private jet will want to jump at the opportunity to utilize this asset and gain the competitive advantages that these aircraft provide. In a market that shows no signs of slowing, even as economic challenges affect other industries and behaviors, business jets are a vital resource that is here to stay.

Discover more insights on the market by exploring this comprehensive knowledge center that features more articles on the private aviation industry.