Asia-Pacific airlines continue to lead the way, with a 27.0% year-on-year increase in demand. Capacity increased 26.0% year-on-year and the load factor rose to 81.6% (+0.6ppt compared to May 2023)
The International Air Transport Association (IATA) released data for May 2024 global passenger demand with the following highlights:
Firstly, the Total demand, measured in revenue passenger kilometers (RPKs), was up 10.7% compared to May 2023. Total capacity, measured in available seat kilometers (ASK), was up 8.5% year- on-year. The May load factor was 83.4% (+1.7ppt compared to May 2023), a record high for May.
Secondly, the international demand rose 14.6% compared to May 2023. Capacity was up 14.1% year-on- year and the load factor improved to 82.8% (+0.3ppt on May 2023).
The Domestic demand rose 4.7% compared to May 2023; capacity was up 0.1% year-on-year and the load factor was 84.5% (+3.8ppt compared to May 2023).
Willie Walsh, IATA’s Director General said, “Strong demand for travel continues with airlines posting a 10.7% year-on-year increase in travel for May. Airlines filled 83.4% of their seats, a record for the month. With May ticket sales for early peak- season travel up nearly 6%, the growth trend shows no signs of abating. Airlines are doing everything they can to ensure smooth journeys for all travelers over the peak northern summer period. But our expectations of air navigation service providers (ANSPs) are already being tested.
“With 5.2 million minutes of air traffic control delays racked up in Europe even before the peak season begins, it is clear that Europe’s ANSPs have unresolved challenges. And the 32,000 flight delays over the Memorial Day weekend in May show that challenges persist in the US too. Airlines are accountable to their customers; ANSPs must be as well. ANSP performance matters to their airline customers and to millions of travelers. We all need them to do their job efficiently,” said Willie Walsh, IATA’s Director General,” Walsh added.
All regions showed strong growth for international passenger markets in May 2024 compared to May 2023. The load factor increased in all regions except North America.
Asia-Pacific airlines continue to lead the way, with a 27.0% year-on-year increase in demand. Capacity increased 26.0% year-on-year and the load factor rose to 81.6% (+0.6ppt compared to May 2023). This performance maintains Asian carriers as the largest contributor to
industry-wide growth in May, accounting for 42% of the year-on-year increase.
European carriers saw an 11.7% year-on-year increase in demand. Capacity increased 11.3% year-on-year, and the load factor was 84.7% (up 0.3ppt compared to May 2023).
Middle Eastern airlines saw a 9.7% year-on-year increase in demand. Capacity increased 9.0% year-on-year and the load factor increased 0.5ppt to 80.7% compared to May 2023. Asian routes to the Middle East are particularly strong, now standing some 32% higher than in 2019. Another notable development is the Europe-Middle East route, which saw an April-May RPK increase for two years in a row, reversing the previous historic pattern of a decline between these months. In the coming months, it will become clearer to what extent these trends could be related to the Russia-Ukraine war.
North American carriers saw an 8.1% year-on-year increase in demand. Capacity increased 9.7% year-on-year, and the load factor fell to 84.0% (-1.2ppt compared to May 2023).
Latin American airlines saw a 15.9% year-on-year increase in demand. Capacity climbed 14.3% year-on-year. The load factor rose to 85.1% (+1.2ppt compared to May 2023), the highest among the regions.
African airlines saw a 14.1% year-on-year increase in demand. Capacity was up 8.2% year- on-year. The load factor rose to 72.3% (+3.7ppt compared to May 2023). This was the fastest increase in load factor among all regions, although Africa still has the lowest load factor overall.
Talking about the domestic markets, the domestic demand increased at a stable pace in May. China’s growth rate surged in line with the post- Labor Day holidays. Japan declined -1.8% possibly reflecting low business and consumer confidence.
