Global air travel will not return to pre-Coronavirus levels until 2024, the International Air Transport Association (IATA) has cautioned. Previously, IATA had predicted the aviation industry to recover in 2023.
IATA has estimated global air traffic to decline by 55% by the end of 2020 against the 46% it had earlier predicted in April.
According to IATA, the aviation industry’s recovery process has been dealt a severe blow because of the poor containment strategy and renewed outbreaks in the US and other developing countries, which represent 40% of the global air market.
Global air travel decreased by 86.5% in June 2020 against the same month last year. Similarly, traffic declined by 94.1% in April 2020 in comparison to April 2019.
In addition to poor containment strategy and renewed outbreaks, consumer confidence stands at an all-time low amid the Coronavirus pandemic.
Airlines struggling to lure passengers to travel is evident by the fact that flights are being booked 62.9% of the total capacity on domestic routes around the world while the seats on international routes are being booked 38.9% of the total capacity.
While the aviation industry is slowly recuperating from the worldwide air travel restrictions that were imposed in April, but any increase in global air travel is barely visible, Chief Economist at IATA, Brian Pearce, said during a press conference.