Austrian Mustang operator GlobeAir experienced a 53 per cent increase in flights to London during the first five months of this year compared to the same period in 2016, and attributes this to the falling value of the pound sterling and London's strengthening position as the world's capital for luxury retail.

In just over a year to July 2017, the operator says that the value of sterling fell by around 13.5 per cent. At the same time, London has seen more luxury store openings than any other city. Last year 41 luxury shops opened in London compared to 36 in Paris, 31 in both New York and Dubai and 24 in Milan.

Chief marketing and sales officer Mauro De Rosa comments: “A significant proportion of luxury goods are purchased outside of a shopper's home market, and a combination of the fall in sterling and more stores opening in London has been a massive boost for the city's luxury retail market.

“This has had a knock on effect on other sectors, including private aviation. The number of private jet flights we operate to London from Europe has increased dramatically.”

GlobeAir's fleet of 16 Mustangs is able to connect to more than 1,500 airports in Europe and North Africa.