Generation Z requires a new response from ultra-luxury retail

With younger entrepreneurs in the technology and financial sectors now wielding significant purchasing power, we’ve seen that the number of Jetcraft buyers under 45 years old has risen by 20% in the last five years. Additionally, our 2023 Pre-Owned Business Jet Market Forecast also found these younger buyers fly their aircraft 19% more on average than those aged over 50.  

It’s no surprise either that new research from Bain & Co shows that millennials and Generation Z are increasingly driving the ultra-luxury sector, accounting for all of the luxury market’s growth last year.  

Connecting with our audience is how we’re successful. We know our customers. And our regional presence gives us a cultural understanding that many other aircraft specialists can’t match. This insight also applies to the different generations that now make up our customer base. 

So how do you engage with the next generation when it comes to selling luxury assets? 

Tapping into technology  

At Jetcraft, we have a long history with data and technology. We’re now harnessing the power of the very latest technologies to make the buying process more immersive to fully meet the expectations of this new audience – our Beyond the Globe experience. 

This includes our Decentraland-based lounge, which we opened in 2022 and our newly launched virtual hangar which gives visitors 24/7 year-round access to a range of aircraft in a 360-degree immersive experience. Combined, our customers can virtually explore our expertise, inventory and examples of aircraft at their own leisure to first to get a feel for what might suit their mission, before connecting in-person with one of our experts around the globe. 

We also launched our internal chatbot, JetGPT, which harnesses generative AI to provide faster and smarter insights for our clients. By hooking into our existing software, JetGPT gives our sales team instant access to microdata on our aircraft inventory, market summaries and emerging market trends. This furthers our ability to find the exact aircraft for our clients’ needs in minutes. 

Seeking sustainability

Luxury shoppers – and younger consumers in particular – are more likely to take an active interest in the sustainability of a product or service and be willing to spend more on sustainable products.  

Many of our young entrepreneur clients are founders of businesses that have invested in technology to help the fight against climate change and are looking for transport solutions that offer convenience while supporting their goals.   

We take our responsibility seriously and have partnered with environmental impact measurement company Azzera to achieve carbon neutrality and invest in projects that deliver environmental and social change across the globe. We also encourage all our customers to use sustainable aviation fuel and are supportive of the industry’s efforts to increase its availability.   

Ultimately, when it comes to the luxury sector, these measures aren’t a luxury. Instead, they’re a crucial component of meeting the new expectations of a discerning younger consumer prioritizing interactivity and sustainability.