While it may be tempting to hope for lower air ticket prices, consumers might need to brace themselves for sustained high airfares until 2025, says NUS Business School’s Nitin Pangarkar.
But its traffic and profits have bounced back nicely post-pandemic. In fact, during the latest quarter it logged a record quarterly net profit of S$734 million , due in part to robust demand for air travel during the mid-year school holidays.
Airline profits post-pandemic have been driven by strong demand for air services coupled with the delay in rebuilding capacity to pre-pandemic levels. Thearising from these two factors have hurt consumers’ pockets as they look to travel for leisure or work. As the peak year-end holiday season beckons, will airlines respond to the festive spirit by offering more affordable fares? Or will high ticket prices persist even in the face of rising profits?
Additionally, budget airlines which were hit hard during the pandemic because of their shallower pockets and weaker association with national pride are surging in many parts of the world and likely to be the big winners post-pandemic. This may also contribute to lower airfares over time.High airlines fares also fly in the face of some secular trends.
The airline industry also faces questions about its impact on the climate. While the movement against air travel is in its infancy, it could gather steam and more and more travellers may reduce their use of air travel substantially.
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