The Caribbean underuses private aviation as an economic sector

The Caribbean understands aviation. But does it fully understand private aviation? The potential blind spot is the distinction between airline passengers and private-aviation passengers. Commercial aviation brings visitors according to a published route network. Private aviation can bring visitors according to their own economic decisions, be it property ownership, investment, yacht activity, and they bring high-value spending. Yet, often with a much smaller number of passengers per arrival.

The ultimate objective should not be increased private aircraft movements. It is about more high-value people coming to the island and more of them deciding they want to have a stake in the destination’s future.

On many smaller Caribbean islands, private aviation appears to be under-recognized as a strategic economic sector, and its potential as a high-value tourism and investment channel may not be fully incorporated into their destination promotion strategy. Actually, it should be separated from the latter.

The private jet can be the first arrival of an investor, not merely the arrival of a tourist. Private aviation should be considered a business-development tool, rather than merely a transportation service for wealthy tourists. But who thinks about the entire private-aviation ecosystem as an economic-development strategy? That is exactly where a smaller island could potentially miss an opportunity.

A destination that positions itself as high-end could potentially use private aviation not only to bring affluent vacationers, but also investors, entrepreneurs, family offices, developers, film producers, yacht owners and corporate decisionmakers.

Who are the relatively small number of people who can influence where wealthy families fly, stay, own property and invest?

If Caribbean governments want higher-value tourism and visitors, why aren't they systematically asking ‘Family-Office Aviation Advisers’? Possibly because they have never heard of the existence of this species. Family-what? Family-Office Aviation Advisers, the ones who guide wealthy families and their offices, worth hundreds of millions or billions of dollars, to make informed aviation decisions for their travel, investments, and business activities.

Ever heard of GFOIS? A Global Family Office Investment Summit specifically targets family offices, private investors, family businesses and UHNW (ultra-high-net-worth) participants. Less aviation-specific, but reaching the wealth decision-making environment. For instance, GFOIS Miami in October is widely regarded as the largest and most influential gathering of private wealth in the USA, bringing together 500+ family offices, 200+ speakers, and 50+ partners from across the globe.

A change in strategy may be appropriate. Instead of asking: "How many private jets are coming?” The question should be: "Who advises where those private jets go?"  Then try to build a relationship with some strategically selected advisers, family-office travel executives, private banks or UHNW concierge firms. There may be relatively few with high relevance to the Caribbean market. But it is potentially a much more manageable target than trying to market to the entire private-aviation industry at major aviation or tourism conventions.

How about organizing a familiarization trip (FAM trip). Not for the media, but rather for a carefully selected group of ‘Family Advisors’? A sophisticated concept that can be much more powerful and profitable than a conventional tourism media trip. Let them stay somewhere exceptional. See the island. Meet the right people and the authorities. Look at investment and life-style opportunities. Enjoy the destination. Turn the trip into an investment generator.

Business aviation is present in the region but often disguised as “private aviation.” A businessman flying his family to a Caribbean residence is simultaneously using an aircraft for personal travel and potentially conducting business while there. The same aircraft can serve both purposes.

 Does the island have appropriate facilities for this businessman to communicate. He must stay in contact with overseas business, industry, or financial markets but prefers not to do so from the family vacation residence. A business center with secretarial service and professional-looking settings equipped for proficient teleconferences. The presence of such a center may increase the frequence of the island visit or extend the duration of a stay. 

Even setting up such a business center on an island could be an investment project and it could have the magnetic force of gravity. Ironically; it is not a typical tourism attraction.   

Yachting reinforces private aviation. The superyacht presence in the Caribbean makes a particularly interesting combination: private aircraft + yacht + luxury resort + second home. Someone may fly privately to an island destination and then move by yacht.

 Private jets are often viewed as symbols of luxury rather than tools for economic development; a major misconception. The opportunity lies not in the aircraft, but in the people aboard. An economic-development strategist would focus on the passengers, who may represent vast purchasing power, investment capital, business connections, and influence. 

For Caribbean governments, private/business aviation should move from the airport department into the economic-development conversation as the question becomes: “What happens economically after this particular aircraft type lands?” 

The Caribbean islands have spent decades competing for seats on airline flights. Perhaps it should compete for the people who own, charter and fly the aircraft. Let it not be an "aviation marketing" program, make it an economic-development package supported by private aviation.