Airlines Expect Record Traveler Numbers in 2024

International Air Transport Association (IATA) data anticipates record air travelers and revenue next year. 

The study presented the global aviation industry's 2023 results, which exceeded IATA's summer expectations. Revenue will likely top $896 billion by year's end, $93 billion greater than forecast. Aviation's profit should climb to $23.3 billion from $9.8 billion this year. 

Average airline earned $5.44 per passenger in 2023. Rising prices and strong travel demand delivered $642 billion passenger revenue, $96 billion over forecast.

North America, Europe, and the Middle East did best in 2023 and should profit. Asia Pacific airlines should profit next year. 

Europe will finish 2023 well, but the Ukraine and Middle East hostilities may hurt 2024 industry. 

Since China dropped its last pandemic-era restrictions in mid-2023, Asia Pacific would recover more slowly. 2024 should be a good year for regional airlines.

Mexico is thriving while other Latin American countries are recovering slowly. The region is anticipated to lose money in 2023 and 2024. 

Middle Eastern demand will remain modest despite significant 2024 international network capacity expansion. The region should prosper this and next year. 

African airlines are seeing strong demand, but IATA predicts economic, infrastructure, and connectivity concerns may slow profitability in 2023 and 2024. 

Airlines expect operating earnings to climb from $40.7 billion this year to $49.3 billion in 2024. The 4.7 billion expected to fly next year exceeds the 4.5 billion before the outbreak. 

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