Private Jets and the London Olympics 2012

July 29, 2012 - PRLog -- "There has been a steep decline in requests for private jet charter in Europe since the Eurozone Crisis," states Mark Fleischmann, CEO of PrivateJetsIntl.  The crisis has had a direct impact on requests for private jets to the 2012 London Olympics.  People want to have fun but in a fiscally economic way.  Thus, they might travel first class instead of on a luxury private jet.  While private jets are not always a necessity they are useful tool for clients who place a premium on time.  The uncertainty of  crisis seems to be on going and changing from day to day and it impacts and affects the demand for luxury travel such as private jets.

It seems as if there is always another crisis brewing whether it is the ongoing crisis in Greece or Spain's financial crisis where it possibly might need a bailout in the future.  People and corporations are curbing their  spending.  In the US and elsewhere when spending slows so does the  economy.  With such a large part of growth due to spending-by some estimates upwards of 70 percent this is also impacting luxury goods and luxury travel.  People are now shopping more for better pricing and when possible taking a smaller private jet to save money.  This is perfectly understandable with all the uncertainty in the economy.  

Not only is the fiscal cliff a reality with almost 16 Trillion dollars of debt owed by the US government.  There is also the reality of a slowing economy in the US as well as possible governmental job cuts to curtail spending.  This is not conducive of confidence.  We also have an unemployment rate above 8 percent.   Coupled with all the financial problems we face there is more uncertainty brewing in Europe with keeping the Eurozone together.  Greece's economy is on the brink and the lack of leadership and coherent solutions only make this crisis more protracted and uncertain.  

The London Olympics of 2012 are a wonderful venue to showcase our best and brightest athletes from around the world.  London is an amazing city for such an event.  While we celebrate the hard work of all the athletes we must ask ourselves how we got into this financial hole and what we plan to do to be more fiscally responsible.   Does this mean not taking a luxury vacation on a private jet?  Perhaps, this is a signal that yesterdays excesses are no longer viable and desirable.  We need to build a future built on financial acumen and confidence not uncertainty.