Nearly 5 billion people are expected to travel by plane next year, with combined airline profits tipped to increase by more than $10bn.
According to industry group the International Air Transport Association (IATA), airline industry net profits should go from $23.3bn this year to $25.7bn by the end of 2024; on the back of the number of people flying finally fully exceeding the 2019 pre-Covid level of 4.5 billion to reach 4.7 billion.
“Considering the major losses of recent years, the $25.7bn net profit expected in 2024 is a tribute to aviation’s resilience. People love to travel and that has helped airlines to come roaring back to pre-pandemic levels of connectivity. The speed of the recovery has been extraordinary; yet it also appears that the pandemic has cost aviation about four years of growth. From 2024 the outlook indicates that we can expect more normal growth patterns for both passenger and cargo,” said Willie Walsh, IATA’s Director General.