As international travel came to a near complete standstill in 2020 due to the Covid-19 pandemic, the aviation industry suffered what it described as “the worst year in history for air travel demand”. According to the International Air Transport Association (IATA), global passenger numbers declined by 60 percent in 2020 while passenger revenue dropped by almost 70 percent, bringing the industry to its knees.
“2020 was a catastrophe. There is no other way to describe it," Alexandre de Juniac, then IATA’s Director General and CEO said at the time. And while the rapid vaccine rollout fueled hopes of a swift recovery in early 2021, those hopes were dashed with the emergence of Delta and Omicron, which disrupted international travel during the Northern hemisphere's summer and holiday season, respectively, leaving international passenger demand more than 70 percent below 2019 levels in 2021, while domestic demand began to improve.
Three years later, the pandemic and the many disruptions that came with it are nothing but a faint memory for many people and the airline industry has fully recovered from the deepest crisis in its history. According to the IATA's latest estimate, industry revenues could hit a new record of almost $1 trillion this year, as almost five billion passenger are expected for 2024, exceeding the 2019 passenger number by more than 400 million.
In a statement released ahead of the IATA's 80th Annual General Meeting in Dubai this week, IATA's Director General Willie Walsh emphasized the industry's crucial role in connecting the world. "With a record five billion air travelers expected in 2024, the human need to fly has never been stronger. Moreover, the global economy counts on air cargo to deliver the $8.3 trillion of trade that gets to customers by air. Without a doubt, aviation is vital to the ambitions and prosperity of individuals and economies."
