The International Air Transport Association (IATA) has released promising data for global passenger demand in February 2024.
The industry continued on its recovery path, with continued demand yielding a 21.5% increase in passenger demand for the month.
International vs. Domestic
In terms of overall growth, passenger demand (measured in RPKs) jumped 21.5% compared to February 2023.
Available seat kilometers (ASKs) representing capacity grew by 18.7% year-on-year. This resulted in a healthy load factor of 80.6%, a 1.9 percentage point increase from February 2023.
International Travel Booming
International demand surged by 26.3% year-on-year, with capacity rising by 25.5%. The load factor reached 79.3%, a 0.5 percentage point improvement. This suggests a strong return for long-haul travel.
Domestic Travel on the Rise
Domestic demand rose 15.0% compared to February 2023. Capacity increased by 9.4%, and the load factor reached 82.6%, a significant 4.0 percentage point jump. This indicates a growing preference for domestic air travel within countries.
Leap Year Impact
It’s important to note that February 2024 had one extra day compared to 2023. This slightly inflates the growth figures for both demand and capacity.
Industry Optimism Despite Challenges
“The positive trend from early 2024 continued in February,” said Willie Walsh, IATA’s Director General.
“Most markets, except North America, saw double-digit passenger traffic growth. We’re optimistic about the industry’s prospects in 2024, especially with airlines prioritizing decarbonization and passenger demand remaining resilient despite geopolitical and economic uncertainties.”
IATA urges policymakers to avoid new travel taxes that could hinder this positive momentum and increase travel costs.
Specifically, concerns were raised about Europe’s potential tax proposals, which could weigh down the continent’s sluggish economic recovery.
International Passenger Market Breakdown
International Travel Surpasses Pre-Pandemic Levels
All regions experienced double-digit growth in international passenger traffic compared to February 2023.
Notably, international demand even exceeded pre-pandemic levels by 0.9%. However, this is partially due to the extra day in February 2024.
Regional Highlights
Asia-Pacific Leads the Way
Asia-Pacific airlines witnessed the most significant growth, with demand increasing by 53.2% year-on-year. Capacity grew at a similar pace (52.1%), resulting in the highest regional load factor of 84.9%.
Europe Shows Moderate Growth
European carriers experienced a 15.9% increase in demand with a corresponding capacity rise. The load factor remained flat at 74.7% compared to February 2023.
Other Regions See Varied Growth
Middle Eastern airlines saw a 19.7% demand increase, Latin American airlines grew by 21.0%, and African airlines by 20.7%. While demand rose in all regions, capacity growth differed, impacting load factors.
Looking Ahead
The air travel industry continues on its recovery path, with continued strong demand and increasing capacity. Most major world regions enjoyed double-digit growth for February, and this has meant a continuation of a positive trend.
On the air cargo front, the industry has progressively moved out of a period of softer demand. February become the third consecutive month of double-digit growth for the global air cargo sector.
While there are external challenges, the focus on sustainability and passenger resilience provides a positive outlook for 2024.
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