TrafficFROM CIBC aerospace weekly:
Air Passenger Traffic Improved Again In December; 2023 Overall Was Marked By Strong Industry-wide Recovery
IATA released its December and full-year 2023 air passenger report.
Key takeaways were:
• IATA noted that air passenger traffic in December increased 25% Y/Y and was 3% lower than 2019 levels. In seasonally adjusted terms, air passenger traffic was up 1% M/M. 2023 air passenger traffic was up 37% Y/Y and only 6% lower than 2019 levels.
• Capacity in the month grew 24% Y/Y and was down 3% Y/Y from 2019. PLF (passenger load factor) was 82.1%, one point ahead of 2022 and flat against 2019. 2023 capacity was up 31% Y/Y and down 5.6% from 2019 levels. IATA noted that 2023 supply exceeded demand compared to 2019 levels, resulting in PLF of 82.3%. This is up four points from 2022 and down only 0.3 ppt vs. 2019.
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• International traffic growth remained stable in the month, up 24% Y/Y and down 5% vs. 2019 levels. IATA noted that for international demand in 2023 remained lower than its 2019 levels while maintaining a stable yet robust growth pace. Full-year international demand was up 42% Y/Y and down 11% vs. 2019 levels.
• International capacity in the month was up 25% Y/Y and down 6% vs. 2019. International PLF in the month came in at 82% (similar to both 2022 and 2019). International capacity for the year was up 34% Y/Y and down 12% vs. 2019 levels. Full-year international PLF came in at 82.8%, four points ahead of 2022 and one point ahead of 2019.
• Air passenger demand in North America for the month were up 11% Y/Y and up 2% vs. 2019 levels. For the year, North American air passenger demand was up 15% Y/Y and up 2% vs. 2019.
• North American capacity for the month was up 12% Y/Y and up 2% vs. 2019 levels. North American PLF for the month came in at 82.9%. This is down one point Y/Y and down three points vs. 2019. For the year, North American capacity was up 15% Y/Y and up 2% vs. 2019. Full-year PLF in the region came in at 84.4%. This is almost one point ahead Y/Y but down slightly from 2019 levels.