GlobeAir, a leading air taxi operator in Europe, which operates 16 Citation Mustang jets, saw an 53% increase in flights to London during the first five months of this year compared to the same period in 2016, and it says this is being fuelled by the fall in Sterling, and London’s strengthening position as the world’s capital for luxury retail.
Between 24th June 2016 and 7th July 2017, GlobeAir says the value of Sterling fell by around 13.5%(1). At the same time, London has seen more luxury store openings than any other city. It saw 41 new luxury openings last year compared to 36 in Paris, 31 in both New York and Dubai and 24 in Milan.(2)
Mauro De Rosa, Chief Marketing & Sales Officer, of GlobeAir comments: “A significant proportion of luxury goods are purchased outside of a shopper’s home market, and a combination of the fall in Sterling and more luxury stores opening in London has been a massive boost for the capital’s luxury retail market.
“This has had a knock on effect on other sectors that are closely linked to this, including private aviation. Indeed, the number of private jet flights we operate to London from Europe has increased dramatically.”
GlobeAir’s fleet of Citation Mustang jets is able to connect to more than 1,500 airports around Europe and North Africa, including those with a short runway not accessible to commercial airlines. Travelers appreciate the advantages of being able to cover multiple business destinations in the same day, with a flexible departure time according to their own schedule.
(1) On 24th June 2016, the Sterling/Euro exchange rate was 1.3108. On 7th July 2017, it was around 1.1341, a decline of 13.5%
(2) Savills Global Luxury Retail Report 2017
(2) Savills Global Luxury Retail Report 2017
