INTERNATIONAL. Global passenger traffic demand grew +7.4% in 2007, up considerably from the +5.9% increase recorded during 2006, the International Air Transport Association (IATA) has reported.
December passenger traffic demand rose +6.7%, down from the +9.3% jump recorded in November. This reflected the impact of rising prices and economic uncertainty that grew more acute in December, said IATA.
Average international passenger load factors reached an industry record 77.0% in 2007, up from 76.0% in 2006 and 75.1% in 2005. This trend will likely end in 2008 as demand growth is forecast to slow to +5% while capacity rises +5.2%.
Regional results for the full year were varied, said IATA.
Carriers in the Middle East recorded an +18.1% increase in passenger demand continuing a four-year trend of double-digit increases. This was the highest among all regions, resulting from strong regional economies, the impact of oil wealth, expanded capacity and new routes.
Latin American airlines recorded +8.4% demand growth resulting from the effects of restructuring in the region – a sharp recovery compared with the -2.4% fall in 2006.
African carriers recorded above average growth of +8% reflecting the strong economic growth and successful market liberalisation in parts of the continent.
Asia Pacific carriers’ +7.3% growth mirrored that of the global average. Growth indicates the continuing strength of the Chinese and Indian economic expansion making air travel accessible to large new markets.
Europe saw demand rise from +5.3% in 2006 to +6.0% in 2007, reflecting steady economic growth and expansion on long-haul routes to Asia and the Middle East.
North America recorded +5.5% growth in 2007. This continues the growth of +5.7% recorded in 2006 as the region’s carriers transfer capacity to more lucrative international markets.
“Strong passenger traffic growth of +7.4% was a key component of the industry’s US$5.6 billion profit in 2007-the first black number since 2000,” said IATA Director General and CEO Giovanni Bisignani.
“But it wasn’t all good news. We can say clearly that 2007 was the best in recent memory. We can state equally clearly that there will be no encore performance in 2008. Oil prices are higher than ever. Economic uncertainty accompanying the US credit crunch is broadening. And the slower growth for passenger demand in December sets the trend for the coming months. In a tough business environment the mantra remains the same: efficiency everywhere is everything.”
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