Airlines plan to set a new record for the number of passengers carried in 2024, reaching 4.7 billion people, Travel Weekly reports.
This will surpass the previous record of 4.5 billion passengers in 2019 and cap the industry’s recovery from the COVID-19 crisis, according to a new IATA forecast.
IATA also forecast airline net profits of $25.7 billion next year, driven by record revenues of $964 billion. Despite this growth, IATA director Willie Walsh warns of a modest net margin of 2.7 percent, highlighting the need for a more sustainable future for the global industry.
North America is expected to maintain its lead, with airline net profits forecast at $14.4 billion next year. While IATA foresees a positive outlook for air travel, American Express GBT reports fare stability in 2024, with little change in ticket prices in various regions of the world.