Airlines posted a strong current value decline as a result of travel restrictions and border closures in 2020. Borders in Greece were closed and travelling was banned between mid-March and the end of June.
Within airlines, charter posted the strongest current value and volume decline in 2020, as these are solely related to tourism, and the number of Greeks that travel abroad for leisure is very low. Between low-cost and scheduled, the share of scheduled has increased over low-cost, seeing a slower decline in 2020 and set to see faster recovery in 2021.
The increase in current value sales for low-cost carriers is set to be much higher than scheduled from 2022 onwards. This is due to the sales of low-cost carriers having dropped more compared with scheduled, but also due to the impact of COVID-19 on disposable incomes.
Whilst the growth in international flights is expected to be higher than domestic in the forecast period, this is due to international flights having posted a steeper decline in 2020-2021. In fact, domestic flights are also set to perform well due to convenience and the fact that prices have dropped significantly to drive sales, in some cases making them cheaper than other forms of transport.
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This report originates from Passport, our Airlines research and analysis database.
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