The International Air Transport Association (IATA) announced on the 6th of December that the airline industry is anticipating a record-breaking 4.7 billion passengers to travel in 2024, marking a significant rebound from the impact of the Covid-19 pandemic.
This positive projection also led IATA to revise its financial forecast upwards, with airlines expected to generate a net profit of $23.3 billion in 2023, more than doubling the previous estimate of $9.8 billion made in June.
Highlighting this surge, IATA’s review of industry trends noted the expected historical high of 4.7 billion travelers in 2024, surpassing the pre-pandemic level of 4.5 billion in 2019.
Survey data cited by IATA indicated that nearly half of individuals have reverted to their pre-pandemic travel routines, with one-third even reporting an increase in their travel activities. Only 18 percent mentioned they continue to travel less than before.
The significant rise in profitability, according to IATA, primarily stems from the passenger business, which is predicted to witness a revenue boost of $96 billion compared to earlier forecasts, reaching a substantial $642 billion.
However, IATA has revised downward its estimation for cargo revenues, now expecting them to reach $134.7 billion, a slight decrease from the $142.3 billion projected in June.