IATA says that international demand rose 26.3 pc compared to February 2023
Global passenger demand saw a 21.5 pc rise in February 2024 compared to the same month last year, says International Air Transport Association (IATA).
In a press statement, IATA says that the total capacity, measured in Available Seat Kilometres (ASK), was up by 18.7 pc year-on-year. The load factor in February was 80.6 pc, up 1.9 percentage points compared to year-ago period.
IATA says that international demand rose 26.3 pc compared to February 2023, capacity was up 25.5 pc year-on-year and the load factor improved to 79.3 pc or up 0.5 ppt on February 2023.
The load factor was 82.6 pc or up 4.0 ppt compared to February 2023, domestic demand increased by 15 pc from February 2023 to February 2024 and capacity increased by 9.4 pc year over year.
Notably, February 2024 was a leap year with one extra day compared to February 2023. This slightly exaggerates growth in both demand and capacity to the positive, says IATA.
Willie Walsh
“The strong start to 2024 continued in February with all markets except North America reporting double-digit growth in passenger traffic. There is good reason to be optimistic about the industry’s prospects in 2024 as airlines accelerate investments in decarbonisation and passenger demand shows resilience in the face of geopolitical and economic uncertainties,” says Willie Walsh, IATA’s Director General.
Asia-Pacific airlines saw a 53.2 pc y-o-y increase in demand while capacity increased 52.1 pc y-o-y and the load factor rose to 84.9 pc or up 0.6 ppt compared to February 2023, the highest among all regions.
“It is critical that politicians resist the temptation of cash grabs with new taxes that could destabilise this positive trajectory and make travel more expensive. In particular, Europe is a worry as it seems determined to lock in its sluggish economic recovery with uncompetitive tax proposals,” he adds.
IATA says that 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, up by 0.9 pc compared to February 2019. This, however, is skewed by February 2024 being a leap-year with an extra day compared to February 2023.
The statement adds that European carriers saw a 15.9 pc y-o-y increase in demand. Capacity increased 16 pc y-o-y and the load factor was 74.7 pc, flat compared to February 2023.
The load factor for Middle Eastern airlines increased to 80.8 pc or 0.4 percentage points, from February 2023 to February 2024, while demand increased by 19.7 pc year over year and capacity increased by 19.1 pc year over year.
Demand for North American carriers increased by 16 pc on an annual basis. Capacity increased 17.6 pc y-o-y, and the load factor fell to 77.7 pc at 1.1 ppt decrease compared to February 2023. Latin American airlines saw a 21 pc annualised increase in demand. Capacity climbed 18.6 pc you. The load factor rose to 84.2 pc or up by 1.7 ppt compared to February 2023.
African airlines saw a 20.7 pc y-o-y increase in demand. Capacity was up 22.1 pc year-on-year. The load factor fell to 74.0 pc or 0.8 ppt compared to February 2023, says IATA.
