43% ultra rich Indians would consider private aviation: Survey

80% of the Ultra High Net worth Individuals (UHNWI) (US$30million +) in India are likely to reduce international travel for their business and/or leisure in 2021, says International property consultancy Knight Frank in a survey. Owing to the global uncertainties due to the on-going Covid -19 pandemic, 89% UHNWIs from Asia Pacific (APAC), post-Pandemic, will reduce work related international travel while 91% would reduce their trips abroad for leisure says Knight Frank Research

The company said all respondents from countries like Japan, Taiwan, Ireland, and Zambia have said they would reduce all business-related international trips. In contrast to that, all respondents from countries like the Chinese Mainland, Taiwan, Ireland, Switzerland, and Zambia have said they would reduce all leisure based international trips.

In 2020, 4% India UHNWIs said that they are using fewer private jets to help in reducing their carbon footprint globally. 43% of Indian ultra-wealthy said they are more likely to consider private aviation for their travelling needs going forward, while 27% are less likely to consider, and 30% remains unchanged. According to the survey, ultra-wealthy respondents from the United Arab Emirates (75%), Russia (71%), Nigeria (69%), Spain (60%), Canada (60%) and South Africa (60%) have all said they are more likely to use private aviation for travelling purposes, post-Covid.

Shishir Baijal, chairman and managing director at Knight Frank India said while the outbreak of the pandemic affected global travel, global norms for travel are being revised.

It may soon be necessary for travellers to show immunity in the form certification of a COVID-19 vaccination. "The concept of ‘Vaccine Passport’ is being propagated by many countries, especially those where tourism is a large economic contributor. Travellers will have to prove that they are either vaccinated or have negative test results to be allowed entry. As the vaccination programme develops in India and globally, we expect travels to resume, though it may be some time before volumes recover to pre-covid levels," he said.

Leisure travel is expected to improve faster than corporate travel as Work from Home policies and digital communication are expected to remain enforced for the majority of the current year, added Balaji.

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Source: Knight Frank Research