International Passenger Demand Up 26.3%; Asia Pacific Airlines Report 53.2% Increase

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(04/04/24)
 IATA has reported that global passenger demand
in February 2024 (a leap year with one extra day), measured in revenue passenger kilometers (RPK),
was up 21.5% compared to February 2023.

Total capacity, measured in available seat
kilometers (ASK), was up 18.7% year-on-year whilst load factor was
80.6% (+1.9ppt compared to February 2023).

International demand rose 26.3% compared to
February 2023, whilst capacity was up 25.5% year-on-year and load
factor improved to 79.3% (+0.5ppt on February 2023).

Domestic demand rose 15% compared to February
2023, capacity was up 9.4% year-on-year and load factor was
82.6% (+4ppt compared to February 2023).

Aircraft at London Heathrow (LHR). Picture by Steven Howard of TravelNewsAsia.com

“There is good reason to be optimistic
about the industry’s prospects in 2024 as airlines accelerate
investments in decarbonization and passenger demand shows
resilience in the face of geopolitical and economic uncertainties,”
said Willie Walsh, IATA’s Director General. “It is critical that politicians resist the temptation of cash
grabs with new taxes that could destabilize 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.”

For the first time, demand for international
services exceeded pre-pandemic levels (+0.9% compared to February
2019). This, however, is skewed by February 2024 being a leap-year
with an extra day compared to February 2023.

Asia-Pacific airlines saw a 53.2% year-on-year
increase in demand. Capacity increased 52.1% year-on-year and
load factor rose to 84.9% (+0.6ppt compared to February 2023), the
highest among all regions.

European carriers saw a 15.9% year-on-year
increase in demand. Capacity increased 16% year-on-year, and
load factor was 74.7% (flat compared to February 2023).

Middle Eastern airlines saw a 19.7% year-on-year
increase in demand. Capacity increased 19.1% year-on-year and
load factor rose to 80.8% (+0.4ppt compared to February 2023).

North American carriers saw a 16% year-on-year
increase in demand. Capacity increased 17.6% year-on-year, and
load factor fell to 77.7% (-0.1ppt compared to February 2023).

Latin American airlines saw a 21% year-on-year
increase in demand. Capacity climbed 18.6% year-on-year, while load
factor rose to 84.2% (+1.7ppt compared to February 2023).

African airlines saw a 20.7% year-on-year increase
in demand. Capacity was up 22.1% year-on-year, with load factor
falling to 74% (-0.8ppt compared to February 2023).

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