According to major airlines in the aviation sector, Travel demand has bounced back faster than expected this year. This shines a ray of hope in the industry that had previously been crippled by the Covid-19 pandemic.
However, the good news comes as bad news to passengers. The growing demand means that carriers expect to pass on higher fuel prices and other costs on to customers given the guaranteed market.
Following Russia’s invasion to Ukraine, fuel prices have hiked in major Russian fuel markets. The conflict has also sparked worries about scarcer crude supplies as countries sanctioned the oil producer.
The mix of stronger demand and higher costs is promising more expensive tickets, which were already on the rise before Russia’s attack on Ukraine and generally rise during peak spring and summer travel periods.
“We are very, very confident of our ability to recapture over 100% of the fuel price run-up in the second quarter and through probably the end of the summer,” Delta Air Lines President Glen Hauenstein said during a JPMorgan investor conference.
Customers last month spent $6.6 billion on airline tickets on carriers’ websites, the first time in the pandemic both bookings and sales surpassed a similar pre-Covid month, Adobe said Tuesday. Average fares sold by U.S. travel agencies rose to $464 in February from $409 a month earlier, according to the Airline Reporting Corp.
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