Total demand for air travel in February as measured in revenue passenger kilometers (RPKs) was up 21.5% in February compared with the same month the previous year, according to research from the International Air Transport Association (IATA).
International demand rose 26.3% compared with February 2023; capacity was up 25.5% year on year; and the load factor improved to 79.3% (up 0.5 percentage point over February 2023). Domestic demand rose 15% compared with February 2023; capacity was up 9.4% year on year; and the load factor was 82.6% (up 4 percentage points compared with February 2023).
The research noted that February 2024 was a leap year with one extra day compared with February 2023, slightly exaggerating the positive trends.
Willie Walsh, director general, said 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, he said, as airlines accelerate investments in decarbonization and passenger demand shows resilience in the face of geopolitical and economic uncertainties.
It is critical, said Walsh, that politicians resist the temptation of cash grabs with new taxes that could destabilize this positive trajectory and make travel more expensive. In particular, he said, “Europe is a worry as it seems determined to lock in its sluggish economic recovery with uncompetitive tax proposals.”
All regions showed double-digit growth for international passenger markets in February 2024 compared with February 2023. For the first time, demand for international services exceeded pre-pandemic levels (up 0.9% compared with February 2023). This, however, was skewed by the extra leap year day.
North American carriers saw a 16% year-on-year increase in demand. Capacity increased 17.6% year on year, and the load factor fell to 77.7% (down 1.1 percentage point compared with February 2023).
Domestic demand growth was led by China (up 35.1% compared with February 2023), benefiting from unrestricted Lunar New Year travel.
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