Commercial airlines have never offered a stronger premium product. Over three decades, business class has steadily absorbed the features once reserved for first class, from fully flat beds and enclosed suites to personalised service and exclusive ground experiences. At the same time, many carriers are quietly retiring first class altogether, reflecting where premium demand and profitability now lie. Yet despite this evolution, private aviation continues to expand alongside commercial premium travel rather than being displaced by it. As premium revenues become central to profitability, airlines must identify the segments where they can compete effectively for high-value travellers while recognising where business aviation's advantages remain beyond reach.