Take advantage of cheap fares while you still can! It looks like the airline industry could find its way back to normal in as little as two years, thanks largely to increase in the United States and Asia, which will offset flagging demand in Europe.
The global recession has been brutal for the airline industry, which sustained 15 percent decline in revenue last year, according to the International Air Transport Association. Nonetheless, the initial belief that it would take three years to recover has been scaled back to two.
Says Giovanni Bisignani, top dog at IATA,
“Instead, probably we are seeing this could happen in two years,” he said at a news conference ahead of IATA’s annual general meeting next week. “The economy is pushing again strongly, especially in areas outside Europe, and the good news is that this industry is recovering faster than expectations.”
Even with an estimate economic impact of $1.8 billion from the “ash cloud” in Iceland, the airline industry is headed in the right direction. So, book your flights now … prices may be heading up soon!