ANI
13 Jan 2021, 11:25 GMT+10
Geneva [Switzerland], January 13 (ANI): The International Air Transport Association (IATA) expects the industry to turn cash positive this year but not until the fourth quarter with the rollout of vaccines gradually giving governments the confidence to reopen markets.
"We can see light at the end of the tunnel," said Chief Economist Brian Pearce. "But it is still some way away, and the situation is likely to get worse first."While the industry saw some modest improvement in bookings after the vaccine announcement news in the fourth quarter of 2020, the trend was reversed towards the end of December and into the first few days of 2021.
"We've actually seen quite a sharp drop-off in bookings, which means that the immediate outlook looks pretty challenging," said Pearce citing the impact of spiking virus cases and imposition of further travel restrictions by governments across the world.
Bookings for the first quarter of 2021 are down 75 per cent, 82 per cent and 81 per cent year-on-year respectively for January, February and March.
At the same point of the fourth quarter of 2020 -- which Pearce said was already weak -- IATA figures show forward bookings were down 71 per cent, 81 per cent and 80 per cent year-on-year respectively for October, November and December.
The tough booking outlook comes as the aviation industry continues to experience a reversal of the traffic recovery trend that peaked in the northern hemisphere summer season last year.
In early January, the majority of international travel markets are showing very little change from the April 2020 lows, said Pearce adding that while performance of global financial markets suggests the pandemic is over, IATA disagrees. (ANI)Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationBASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
Nurse Admits Amputating Man's Leg Without Permission UK Crime
North Carolina Sheriff Retires Amid Sexual Misconduct Charges Latest News
Detroit-Area McDonald's Employee Kills Co-Worker After Argument Latest News
Ex-NBA Player Ben McLemore Sentenced To Prison For Rape Latest News
Too far? Sunrise weatherman Sam Mac shocks co-host Natalie Barr in a VERY awkward exchange
UK Housebuilders Offer 100m To Settle CMA Probe Into Information Sharing