A global imbalance between supply of flights and pent-up demand as air travel opened up after the pandemic drove up ticket prices and passenger yields - a measure of average fare paid per mile by each passenger.
Fares were flat across the bloc in the first months of this year compared with 2023, data from travel research group ForwardKeys shows. "We believe supply and demand will rebalance itself - airfares would continue to normalise throughout 2024," Ronald Lam, CEO of Hong Kong-based Cathay Pacific, said in March.
Economists and investors are not yet pessimistic. Travel is still a spending priority for most consumers, especially in Europe and the US, economists said. Data from the European Travel Commission showed consumers were set to spend €742.8 billion on the continent this year, up 14.3% from last year. But that could largely be driven by wealthier, American tourists, industry experts said.
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