Amex GBT projects 2024 global airfares to stabilize

The TMC projects 2024 business-class fares within North America to increase 0.8% year over year, with economy-class fares inching up 0.3%

As airlines have added capacity and "the leisure demand that drove record carrier revenues in 2023 softens," 2024 economy- and business-class airfares throughout the world are projected to stabilize, "with prices falling on some routes," according to a new American Express Global Business Travel Air forecast, released Wednesday.

Key takeaways

• The fare trends take into account a range of factors, including airline capacity, local inflation, foreign exchange and fuel surcharges, according to the American Express Global Business Travel Air Monitor 2024;
• Asia and Australia each are forecast to see prices rise 3 percent compared with 2023 for business-class fares and 3.1 percent for economy-class fares;
• Amex GBT noted that despite "signs of moderation, the wider outlook is uncertain," and that geopolitical tensions could affect the global economy and "dampen already moderate growth prospects."

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