DBEA55AED16C0C92252A6554BC1553B2 Clicky DBEA55AED16C0C92252A6554BC1553B2 Clicky
June 14, 2024
Care to share?

IATA released data for February 2024 global passenger demand with the following highlights:

  • Total demand, measured in revenue passenger kilometers (RPKs), was up 21.5% compared to February 2023. Total capacity, measured in available seat kilometers (ASK), was up 18.7% year-on-year. The February load factor was 80.6% (+1.9ppt compared to February 2023).
  • International demand rose 26.3% compared to February 2023; capacity was up 25.5% year-on-year, and the load factor improved to 79.3% (+0.5ppt on February 2023).
  • Domestic demand rose 15.0% compared to February 2023; capacity was up 9.4% year-on-year, and the load factor was 82.6% (+4.0ppt compared to February 2023).

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.

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 decarbonization and passenger demand shows resilience in the face of geopolitical and economic uncertainties. 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,” said Willie Walsh, IATA’s Director General.

IATA

Regional Breakdown – International Passenger Markets
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 (+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 by 52.1% year-on-year, and the 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 16.0% year-on-year, and the 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 the load factor rose to 80.8% (+0.4ppt compared to February 2023).
  • North American carriers saw a 16.0% year-on-year increase in demand. Capacity increased 17.6% year-on-year, and the load factor fell to 77.7% (-1.1ppt compared to February 2023).
  • Latin American airlines saw a 21.0% year-on-year increase in demand, an 18.6% increase in capacity, and a load factor of 84.2% (+1.7ppt compared to February 2023).
  • African airlines saw a 20.7% year-on-year increase in demand, and capacity was up 22.1% year-on-year. The load factor fell to 74.0% (-0.8ppt compared to February 2023).

Domestic markets
Domestic demand growth was led by China (+35.1% compared to February 2023), which benefitted from unrestricted Lunar New Year travel.

IATA

IATA offers this analysis.

author avatar
Addison Schonland
Co-Founder AirInsight. My previous life includes stints at Shell South Africa, CIC Research, and PA Consulting. Got bitten by the aviation bug and ended up an Avgeek. Then the data bug got me, making me a curious Avgeek seeking data-driven logic. Also, I appreciate conversations with smart people from whom I learn so much. Summary: I am very fortunate to work with and converse with great people.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.