That's the word from the International Air Transport Association, which held its annual meeting Monday in Dubai, home to the long-haul carrier Emirates.
Also pressuring the industry is a pandemic hangover in aircraft production as well, they say. Carriers now keep older planes that burn more fuel flying longer. There also aren't enough new aircraft to expand routes and increase supply to bring down overall prices. Tim Clark, the airline's president, obliquely acknowledged that Monday by saying that he didn't want people to “get boxes of tissues out and play the violins” when warning that the industry's profit margins sit in the low single digits. However, he contended that as airlines have grown larger and carriers consolidated, cost savings have quietly been passed onto consumers now able to book flights across the world.
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