London, Feb 10 (Bernama-GLOBE NEWSWIRE) — Strategic industry partnerships — linking businesses across different segments of the luxury travel, hospitality and leisure sector — are widely seen as a key component to further the recovery from the impact caused by the COVID-19 pandemic. New research from VistaJet, the first and only global business aviation company, in association with Barton, the high-net-worth insight consultants, demonstrates the far-ranging value placed on partnerships by leading businesses in the sector.
While private aviation has continued to see an influx of new customers, according to VistaJet’s report, The Future of Private Travel, the impact of the COVID-19 pandemic in 2020 has in general been severe for many international luxury travel and hospitality businesses, with over three-quarters (77.8%) of businesses having seen net revenue fall by at least 60% year-on-year, and around 43% seeing a drop of over 90%. Despite a promising vaccine program, many businesses are still cautious about forecasting a quick recovery in the immediate months ahead. However, 25.9% are optimistic and are starting to refocus their offering onto a HNW target group, predicting a rapid recovery to pre-pandemic levels. VistaJet itself saw an increase of 29% in new Members joining in 2020, while its sister brand XO has seen new membership sales up 3x.
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