IATA: Global passenger demand rebounded in October

IATA: Global passenger demand rebounded in October

"As expected, the recent severe weather in the Americas region had only a temporary impact on the healthy travel demand we have seen this year", IATA Director General Alexandre de Juniac said. After declining for six years in a row, passenger yields, a measure of ticket pricing, are also expected to rise by 3 percent next year, after falling 1.5 percent in 2017.

"These are good times for the global air transport industry, Mr de Juniac added".

Geneva/London: Global airline earnings this year will top previous forecasts and surge to a record in 2018, spurred by higher fares and burgeoning cargo demand, according to the industry's main trade group.

Asia Pacific continued to lead the way with an 8.9 percent increase in capacity, followed by the Middle East on 5.4 percent and North America on 5.3 percent. "Despite the challenges, there is positive momentum heading into 2018", said Iata, whose 280 members account for more than three quarters of global air traffic.

IATA also expects costs to rise as jet fuel and labor expenditures go up.

In a statement today, IATA said, passenger capacity grew by 6.2 per cent and load factor climbed 0.8 percentage point to 80.8 per cent year-on-year (y-o-y).

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IATA noted that labour costs are now a larger expense item than fuel, comprising 30.9% of costs in 2018.

The forecast growth rates are slower than the 7.5% y-o-y seen in 2017 for passengers and the 9.3% cargo volume growth expected this year.

Latin American airlines had an 8.7% increase in traffic in October, which was a slowdown from September growth of 10.7%, but still the second strongest percentage growth among regions.

"2018 is expected to be the fourth consecutive year of sustainable profits with a return on invested capital (9.4 per cent) exceeding the industry's average cost of capital (7.4 per cent)", IATA said in its "State of the Industry and Global Economic Outlook" report.

The Asia Pacific region saw the biggest demand growth, with a 10.1 percent increase.

"We believe industry profitability is on a more sustained path so even in weakened business conditions we think the industry will perform better than it has in the past because of the (load factor) gap", said Pearce, noting that while low oil prices have contributed, the load factor gap has been above breakeven level since before 2015.

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