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Global airline passenger numbers set to recover in 2023
21st Jun 2022
Despite lingering uncertainty, the International Air Transport Association is convinced that global airline passenger counts will reach 83 percent of pre-pandemic levels in 2023, and that the aviation industry's return to profitability will be "within reach" next year.
Passenger rates in the aviation industry fell by 60% in 2020 and 50% in 2021 as a result of the COVID-19 epidemic.During those two years, airlines experienced losses of nearly $200 billion. In certain nations, the situation was considerably more dire. During the epidemic, several airlines began to carrying cargo to capitalise on the massive shift toward internet commerce.
The IATA declared before its annual general meeting in Doha that industry losses will drop to $9.7 billion in 2022, a significant improvement from US$137.7 billion in 2020 and US$41.7 billion in 2021.
"Airlines are durable. Even though the economy is becoming less predictable, more and more people are traveling, and cargo is running well.
While some companies in the industry went bankrupt, others, typically those backed by governments, emerged from the pandemic with unaffected earnings.
Even with worries about the economy, more than 1,200 planes are expected to be delivered this year, and about 70 million tonnes of freight are expected to be shipped.
The IATA predicts that North American airlines will earn $8.8 billion in 2022, putting the airline industry's profitability "within reach" next year.
Strong pent-up demand, loosening travel restrictions in most markets, low unemployment in most countries, and more personal savings are all contributing to a demand revival that will lead to passenger numbers reaching 83% of pre-pandemic levels in 2022.
In recent weeks, travellers have been affected by flight cancellations and delays due to a scarcity of staff at airports and protests seeking higher pay. Due to the coronavirus outbreak, airports and airlines had to lay off tens of thousands of employees. But things should improve now that they are looking to rehire staff.
