The demand for airline travel appears to be insatiable.
The
International Air Transport Association (IATA), the trade organization
representative for most major airlines, is reporting a huge year-over-year
increase for February.
Total demand, measured
in revenue passenger kilometers (RPKs), was up 21.5 percent compared to
February 2023. Total capacity, measured in available seat kilometers (ASK), was
up 18.7 percent. The
numbers are for global travel. One
kilometer is equal to almost 1.7 miles.
International Demand Was the Greatest
International demand rose
26.3 percent
compared to February 2023, while capacity was up 25.5 percent year-on-year. Domestic demand rose 15
percent
compared to February 2023.
This was a leap year with one extra day compared to the same month last year. This slightly exaggerates growth in both demand and capacity to the
positive.
“The
strong start to 2024 continued in February with all markets except North
America reporting double-digit growth in passenger traffic," IATA Director General Willie Walsh said. "There is good
reason to be optimistic about the industry’s prospects in 2024 as airlines
accelerate investments in decarbonization and passenger demand shows resilience
in the face of geopolitical and economic uncertainties."
"It is critical
that politicians resist the temptation of cash grabs with new taxes that could
destabilize this positive trajectory and make travel more expensive," Walsh continued. "In
particular, Europe is a worry as it seems determined to lock in its sluggish
economic recovery
with uncompetitive tax proposals."
It
has been international travel that has exhibited the most pent-up demand, however.
All
regions showed double-digit growth for international passenger markets in
February 2024 compared to February 2023. For the first time, demand for
international services exceeded pre-pandemic levels compared to
February 2023. This, however, is skewed by February 2024 being a leap-year with
an extra day compared to February 2023.
But
the clear travel winner was in Asia, where pandemic restrictions tended to be
much harsher. Asia-Pacific saw
a 53.2 percent year-on-year
increase in demand. Capacity increased
52.1 percent
year-on-year and the load factor rose to 84.9 percent.
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