Data from the International Air Transport Association (IATA) states that passenger traffic has remained strong, and that full recovery is expected in 2024.
A lot of the key markers for such performance is showing strong indications of recovery by next year, in another leaf of confidence for the sector.
Without further ado, let’s get into it…
IATA Expects Full Recovery of Passenger Traffic by 2024…
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IATA states that they expect full recovery, as in return to 2019 levels, by 2024, with such numbers expected to double by 2040.
Revenue passenger-kilometres (RPKs), which is the indicator for passenger traffic increased by 40.5% year-on-year in the second quarter of this year.
In terms of seat supply, this increased by 34.8% year-on-year, which comes as no surprise as COVID-19 restrictions lifted month-after-month in 2022.
Passenger load factors across all regions reached near pre-pandemic levels in the second quarter of this year, with this being recorded at 82.4%.
This is just 0.7% shy of pre-pandemic levels.
Domestic passenger traffic around the world achieved full recovery in 2Q23, which is currently sitting 4.5% above 2019’s levels.
IATA states that this recovery is down to the resilience of the main domestic markets and the strong rebound experienced in China.
Overall, the industry has managed to recover around 87.6% of pre-COVID RPKs so far, with international traffic in Europe restored in its entirety as well.
Looking ahead, however, the organisation has said that if global economies continue to slow over the next few quarters, then “downward pressure” could be applied onto demand, due to unemployment levels potentially rising.
With that all surmised, things are looking good at the moment, but IATA warns of things going wrong globally, which could hinder efforts towards full recovery in 2024.
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