As international airfares continue falling from the highs reached after COVID-19, aviation profits should settle to more normal sustainable levels.
It’s time to book that overdue holiday. Updated profit guidance from Flight Centre should be music to the ears of the travelling public – global international airfares in the first six months of this calendar year fell by 6 per cent.
The falling fares led to Flight Centre recording a weaker-than-expected total transaction value , which also sent its share price tumbling.The falling fares are boosting the volume of tickets sold, which in Flight Centre’s case were up 10 per cent for the six months to June 2024. For Qantas, additional ticket sales are a positive, but falling airfares will also feed negatively into sales.Qantas had a mega-profit heyday in the immediate post-COVID period when supply was restricted, demand was robust and fares were exorbitant.
The curious part of Flight Centre’s announcement is the fact that volumes of tickets sold continue to rise during a cost-of-living crisis.
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