IATA is warning a drop in the rate of passenger traffic growth in January is indicative of the US credit crunch is taking its toll on air travel demand.
Passenger traffic grew 4.3% in January, below the 6.7% growth seen in December and the rate of more than 7% across 2007. The airline body has been warning of the likely impact of economic factors and high oil prices in slowing passenger growth.
“January traffic results show that we could be at a turning point,” says IATA director general and CEO Giovanni Bisignani. “A month’s data is not enough to define a trend, however, the sharp shift in demand growth patterns makes it clear that the US credit crunch is negatively impacting air travel. Fasten your seatbelts. There is likely to be turbulence ahead.”
Freight traffic growth rates of 4.5% in January were roughly unchanged from growth in December.
Source: flightglobal.com's sister premium news site Air Transport Intelligence news
Source: FlightGlobal.com
