Private jet flights from China to Europe soar as sterling falls to Earth

 
Billy Bambrough
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An increase in the number of so-called high net worth individuals has pushed up demand for private jets (Source: Getty)

The number of private jets flying into Europe from China has taken off this year, climbing by 43 per cent on the same period last year.

Data from private jet company Magnus Aviation has shown that in June, private jets flying in to Europe from China increased by 41.7 per cent from same month last year.

Following the fall in the value of sterling due to the UK vote to quit the European Union last month, Magnus is expecting a boom in private jet flights from Asia to London as big spenders look to take advantage of the weakened pound and snap up deals on luxury goods.

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James Armstrong, head of commercial development at Magnus Aviation said:

On the back of Brexit, Sterling has depreciated, and it recently hit a 31 year low against the US Dollar. The international luxury shopping market is driven by changes in foreign exchange.

A fall in Sterling represents a great opportunity for those living abroad to visit the UK and secure a better price on a range of luxury goods.

In total, Magnus estimates that over 1,400 private jets took off from the Asia Pacific region – including China –in the first half of this year, and around 21 per cent of these were in June.

Some 13 per cent of these private jets would have arrived in the UK – primarily in London and the South East.

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Earlier this year it was thought private jet usage would soar in London, following the roll out of membership schemes that allow people to make use of jets without owning them.

A survey carried out by industry magazine Corporate Jet Investor found that nearly one in four (23 per cent) said that the growth of membership schemes and online charter is fuelling demand for jets, while companies are becoming increasingly likely to opt for jet membership scheme for business travel.

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