The International Air Transport Association (IATA) warns of a ‘significant downward trend’ in travel growth, as the economic environment worsens.
The industry body added the sharp decline in premium travel – those are the poeple who sit in the pointy end of the plane – most likely reflects a fall in business travel driven by the increasing weakness of major economies.
- According to IATA, the Lehman Brothers’ bankruptcy ‘underlines the shrinkage of M&A and other financial sector activity, leading of course to a reduced number of business travelers from financial services’, while falling air freight volumes and lower business confidence ‘suggests that world trade and travel from the manufacturing sector is also in decline’.
Source: Centre for Aviation