Consumers still hungry for leisure travel, despite inflation, rate hikes: Transat CEO

Canadians are still gung-ho for travel to sun-splashed resorts and European getaways, in spite of higher inflation and interest rates, says Transat AT Inc. chief executive Annick Guérard.

Healthy demand for leisure travel boosted revenue per passenger by 29 per cent compared with four years earlier, an indication of fare hikes on tickets to Europe. The price tag on round-trip flights by Canadian airlines to Europe this fall rose 22 per cent from 2019 levels, according to online travel agency Hopper Inc.

"Early bookings are ahead of last year which, combined with firm pricing, bode well for the start of the new fiscal year." "In other parts of the world folks just buy the cheapest ticket and bugger off for a week and then worry about finding a decent place to stay," said Robert Kokonis, president of consulting firm AirTrav Inc.

Transat owns"virtually no" hotel units, though it still sells a range of vacation packages and maintains a 50 per cent stake in a joint venture at one Mexican resort, chief financial officer Patrick Bui said in a phone interview.

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