Cutting Flights and Raising Ticket Prices: Major Airlines Worldwide Enter "Self-Preservation" Mode
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Golden Ten Data reported on April 20 that aviation industry experts stated on the 19th that in the coming months, travelers around the world should prepare for flight cancellations, route reductions, and continued ticket price increases, as many airlines are entering "self-protection" mode. They are responding to insufficient aviation fuel supply and soaring prices by cutting capacity and raising fares. According to the UK aviation data analytics company OAG, the latest available data shows that global aviation capacity in May is expected to decline by 3%, with at least 19 of the world's 20 largest airlines reducing their flights for May. Data from the International Air Transport Association shows that aviation fuel prices are the largest cost component for airlines, accounting for about 30% of their total costs. At the end of February, after the United States and Israel launched military strikes against Iran and the Strait of Hormuz became effectively blockaded, jet fuel prices doubled, at one point surpassing $200.
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