Prices of air travel – level 3

31-05-2024 07:00

Airfares in Europe and Asia are stabilizing or dropping, which indicates the end of the post-COVID travel surge.

This change is challenging for airlines that face higher costs and limited aircraft. The high demand for air travel post-pandemic drove up prices, but as inflation impacts living costs, customers are becoming more price-sensitive. Budget airline Ryanair’s CEO noted that ticket prices are increasing less than expected, which affected European airline shares. In Asia-Pacific, fares have decreased by about 16% from January to April compared to the previous year. Despite this, airfares in Asia-Pacific are still higher than in 2019. Analysts believe supply and demand will balance out, and that will normalize prices through 2024.

While European consumers seek cheaper travel options due to increased living costs, American travelers continue to spend on travel, driven by a strong labor market. Overall, the industry expects a return to normal pricing rather than a major downturn.

Difficult words: surge (a sudden and great increase), budget airline (a low-cost airline), downturn (a decline in economic activity).

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What factors are contributing to the stabilization or drop in airfares in Europe and Asia, and how is this affecting airlines and consumers?


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