SINGAPORE, 9 April 2024: Passenger demand rises 21.5% in February, the International Air Transport Association (IATA) reports its latest data released at the weekend.
Total demand*, measured in revenue passenger kilometres (RPKs), was up 21.5% compared to February 2023. Total capacity, measured in available seat kilometres (ASK), was up 18.7% year-on-year.
The February load factor was 80.6% (+1.9 percentage points compared to February 2023).
International demand rose 26.3% compared to February 2023. Capacity increased 25.5% year-on-year, and the load factor improved to 79.3% (+0.5ppt on February 2023).
Domestic demand rose 15.0% compared to February 2023; capacity was up 9.4% year-on-year, and the load factor was 82.6% (+4.0ppt compared to February 2023).
(*Note: February 2024 was a leap year with one extra day compared to February 2023. This slightly exaggerates growth in both demand and capacity to the positive.)
“The strong start to 2024 continued in February, with all markets except North America reporting double-digit growth in passenger traffic,” said IATA’s Director General Willie Walsh. “There is good reason to be optimistic about the industry’s prospects in 2024 as airlines accelerate investments in decarbonisation and passenger demand shows resilience in the face of geopolitical and economic uncertainties. Politicians must resist the temptation of cash grabs with new taxes that could destabilise this positive trajectory and make travel more expensive. In particular, Europe is a worry as it seems determined to lock in its sluggish economic recovery with uncompetitive tax proposals.”
Regional Breakdown – International Passenger Markets
All regions showed double-digit growth for international passenger markets in February 2024 compared to February 2023. For the first time, demand for international services exceeded pre-pandemic levels (+0.9% compared to February 2019). However, this is skewed by February 2024 being a leap year with an extra day compared to February 2023.
Asia-Pacific airlines saw a 53.2% year-on-year increase in demand. Capacity increased by 52.1% year-on-year, and the load factor rose to 84.9% (+0.6ppt compared to February 2023), the highest among all regions.
European carriers saw a 15.9% year-on-year increase in demand. Capacity increased 16.0% year-on-year, and the load factor was 74.7% (flat compared to February 2023).
Middle Eastern airlines saw a 19.7% year-on-year increase in demand. Capacity increased 19.1% year-on-year, and the load factor rose to 80.8% (+0.4ppt compared to February 2023).
North American carriers saw a 16.0% year-on-year increase in demand. Capacity increased 17.6% year-on-year, and the load factor fell to 77.7% (-1.1ppt compared to February 2023).
Latin American airlines saw a 21.0% year-on-year increase in demand, an 18.6% increase in capacity, and a load factor of 84.2% (+1.7ppt compared to February 2023).
African airlines saw a 20.7% year-on-year increase in demand, and capacity was up 22.1% year-on-year. The load factor fell to 74.0% (-0.8ppt compared to February 2023).
