Flying business class has always been beyond the means of most mortals. Now even companies can’t afford fares that have soared as the world tries to reconnect in the wake of COVID.
With companies balking at the costs, corporate travel is back on shaky ground, having not yet recovered from virus-related lockdowns. That’s bad news for airlines. Business travelers represent 75 per cent of a carrier’s profit but only 12 per cent of passengers, according to travel software firm Trondent Development Corp.
Whatever the final figure, travelers have been largely weaned off business trips because Zoom has shown what can be achieved without getting on a plane. The recent surge in fares is putting the benefits of video calls into even sharper relief. Return London-Sydney business-class flights with Singapore Airlines Ltd. are going for about $12,000. Nearer the top of the market, Qantas and United Airlines Holdings Inc. want more than $22,000 for premium return New York-Sydney seats.
Concern about fares is to some degree being masked by the lack of planes in the air, as that makes demand appear strong enough to keep prices high. Globally, international capacity is still 25% below 2019 levels, according to travel data provider OAG.
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