The latest quarterly survey from Vref Aircraft Value Reference & Appraisal Services shows mixed perceptions about the direction of the economy among the business aviation community. Of the 488 industry stakeholders recently surveyed, nearly 60% said they were somewhat-to-very optimistic about the direction of the global economy, while nearly a quarter were pessimistic.

Just more than 40% of the respondents noted interest rates and inflation were the biggest factors in determining their economic outlook. This was followed by policy uncertainty and stock market outlook. Slightly more respondents (44%) said they were concerned about impacts on policy changes resulting from the 2024 elections than those with no concerns (40%).

In terms of operational costs, more than three-quarters of the respondents said they have risen over the past year, with key factors being increased maintenance and fuel costs. More than half indicated they had seen delays in obtaining aircraft parts, indicating lingering supply-chain issues.

Interestingly, a majority of survey respondents said they were “not at all likely" or “unlikely” to purchase a new aircraft in the coming months. Nearly 80% said that of all the types of aircraft they were likely to acquire, pistons were the top choice.

"These findings reflect the balancing act we’re all managing—optimism tempered by the realities of rising costs, bottlenecks, and an evolving market," said Vref CEO Jason Zilberbrand.