Belfast Telegraph

Sky-high demand for private jets as wealthy shoppers fly to London

Private jet operator GlobeAir has seen demand for London flights soar as wealthy shoppers eye luxury goods made cheaper by the Brexit-hit pound.

The Austrian-based carrier said flights to the UK capital had increased by 53% in the first five months of the year compared to 2016.

It comes as separate figures show the number of luxury stores opening in the British city are outpacing rival capitals across the globe.

The Savills Global Luxury Retail report reveals 41 new shops opened in London last year, in contrast to 36 in Paris, 24 in Milan and 31 in New York and Dubai.

Mauro De Rosa, chief marketing and sales officer of GlobeAir, said : "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."

Since the Brexit vote sterling has dropped 14% versus the US dollar, 15% against the euro and 11% versus the Chinese renminbi, making the price of luxury products more competitive in London.

Earlier this month, British fashion house Burberry said the weak pound had helped drive a 3% rise in retail sales to £478 million in the three months to June 30.

Luxury handbag maker Mulberry also secured a 21% rise in annual pre-tax profits to £7.5 million, as tourists took advantage of the UK currency's fall.

GlobeAir has a fleet of 16 Citation Mustang jets and can connect to 1,500 airports across Europe and North Africa.

Popular