New virus variants, such as omicron announced Nov. 24, may give the industry an additional boost. "This makes people realize how important it is to fly privately and fly in a safe world," says Rolland Vincent, a consultant with his own Piano, Texas, firm. "This is only going to create more interest." Aircraft manufacturers, in the midst of setting production schedules for 2022, are keeping a close eye. The industry was in the doldrums for the 10 years following the financial crisis of 2009 but experienced an upturn in 2019. Then the pandemic hit, bringing a sharp downswing in 2020 demand. The downturn was shorter than most observers expected because the pandemic acted as a private-aviation accelerator. "The market is pretty robust right now," Eric Martel, Bombardier president and CEO, said in September. "It slowed down last year, but now it's accelerating to a place we've never seen before." Charter and fractional ownership companies are reporting double-digit increases in demand, utilization is now exceeding pre-pandemic levels, and pre-owned inventory is at a historic low. Major manufacturers are reporting longer backlogs, firming prices and-for the first time in a decade-an appreciation in values for certain pre-owned models of aircraft.
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