A UBS survey of more than 6,000 people has revealed that a growing number of travelers in Europe and America are already reducing flights taken due to climate concerns.
Jet demand could reduce as airlines witness fewer ticket sales.The interior of an American Airlines 737.Rising concern about commercial flying's impact on the environment will act as a brake on passenger growth and reduce jet sales from the likes of Boeing and Airbus, according to a new report from UBS.
Chief author of the report's findings and UBS's Head of European Industrials Equity Research, Celine Fornaro, added in the note Monday that around 27% of respondents were now "thinking about it," when asked if climate worries could affect travel plans.Slowing growth and sales UBS's model predicts that the upshot of personal concern allied to increased cost will reduce intra-European traffic growth over the next 20 years to 1.5% per year versus the 3% per year currently estimated by Airbus.
Airbus's most recent forecast says almost 11,000 new small jets will be needed to serve European and U.S. demand over the next two decades, but UBS believes that number should shrink by 7%.
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