Geneva, Switzerland – Airlines are expecting to carry a record 4.7 billion passengers in 2024 as the sector puts the Covid-19 pandemic behind it, trade industry association IATA said Wednesday.
IATA also raised its profit outlook, expecting airlines to post $23.3 billion in net earnings in 2023, more than double the $9.8 billion it forecast in June.
“Some 4.7 billion people are expected to travel in 2024, an historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019,” IATA said in its traditional review of industry trends as the year draws to a close.
It pointed to survey data showing that nearly half of people’s traveling habits have returning to pre-pandemic norms. One-third reported traveling more and just 18 percent said they are still traveling less.
IATA also dramatically increased its profit forecast for the industry.
“The improvement was entirely driven by the passenger business which saw revenues increase compared to the previous forecast by $96 billion, to $642 billion,” it said.
Cargo revenues are expected to come in at $134.7 billion, down from the $142.3 billion expected in June.