The global passenger demand for air travel surged by 21.5 per cent in February, up from 16.6 per cent in January.
This was revealed in the International Air Transport Association February 2024 report.
The report stated that accompanying the surge in demand was a rise in capacity, measured in available seat kilometres, which grew by 18.7 per cent compared to the same period in 2023.
It noted that the February load factor soared to 80.6 per cent, marking a substantial increase of 1.9 percentage points compared to the previous year.
Furthermore, international demand for travel increased by 26.3 per cent compared to February 2023.
According to IATA, the surge corresponded with an increase in capacity, up by 25.5 per cent year-on-year, leading to an improved load factor of 79.3 per cent.
The Director-General of IATA, Willie Walsh, 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 as airlines accelerate investments in decarbonisation and passenger demand shows resilience in the face of geopolitical and economic uncertainties. Related News Support renewable aviation fuel production, IATA tells govts IATA, Weather Company partner on data IATA laments low renewable fuel production
“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,” Walsh stated.
Industry experts said the aviation sector’s resilience in attracting more passengers and expanding its capacity amidst challenges was commendable.
In Nigeria, currency devaluation due to dollar scarcity and soaring aviation fuel prices led to increased ticket fares, leaving Nigerian travellers struggling with high costs.
Earlier, the President of the National Association of Nigerian Travel Agencies, Susan Akporiaye, highlighted the industry’s significant increase in airfares but noted sustained high traffic levels despite the challenges.
“The business for the airlines is still good because they have not stopped travelling. Nigerians are travellers; we are over 200 million. So, the travel requests are still very high. That is why people do not believe that we are a poor country,” Akporiaye told The PUNCH.
The industry globally is still recovering from the negative impact of the COVID-19 outbreak.
According to the Ministry of Aviation, the industry lost about N21bn monthly during the COVID-19 lockdown.
Analysts have projected that it would take until the end of 2024 for the industry to fully recover to the pre-pandemic level.
Air travel demand surges by 22%, says IATA
