, meaning the single-biggest cost item on their balance sheets has become even more of a burden. That has forced airlines globally to raise ticket prices.
“Given the financial performance of airlines, there’s just no way an airline can absorb that additional cost,” Walsh said. “It’s inevitable that those higher oil prices will find their way through to consumers in the form of higher ticket prices.” Jet fuel now represents as much as 38% of an average airline’s costs, up from 27% in the years leading to 2019, Walsh said. That means fares have also increased by at least 10% in the first three months of this year, he said.
Even then, premium travel — which doesn’t necessarily only mean business travel, but refers to people flying in business and first class — is recovering faster than economy travel, Walsh said.“It’s principally down to what we call premium leisure, which again supports the idea that consumers have discretionary spend and that they are prepared to spend for a premium experience,” he said.
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