After a solid end to 2024 and beginning of 2025, travel
demand in certain sectors in February started to show signs of fraying.
Domestic air passenger demand, as measured in revenue
passenger kilometers, declined 1.9 percent year over year, according to the
International Air Passenger Association, with notable domestic declines in the
United States (4.2 percent) and China (3.2 percent). International travel
demand on North American carriers dipped too, down 1.5 percent. And while IATA
noted some factors that boosted February 2024 from a demand-comparison
level—the month had an extra day in leap year 2024, and Lunar New Year was in
February last year but January this year—director general Willie Walsh still
noted that “we need…
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