Airfares from Australia to Asia and onto Europe set to drop in 2024: Report

The American Express Global Business Travel forecast has predicted airfares between Australia and Asia and between Europe and Asia to drop in 2024.

The annual report predicts business class flights between Australia and Asia to dip 5.1 per cent, while economy will drop 3.4 per cent. Meanwhile, airfares between Asia and Europe will fall 4 per cent in business class while economy will see a well-received price cut of 3.4 per cent.

Across all regions, airfare fluctuations reveal mixed trends – with a broad outlook of increased price stability in 2024. North America is expected to see minor changes in fares within the region (less than 1 per cent) and to Europe (+0.3% business class, -2.5% economy). Flights within Europe are projected to rise around 1 per cent, with declines in prices between Europe and South America (-3.9% business class, -10.4% economy).

Meanwhile, sustainability is expected to be a growing priority for corporations and travellers, urging swift integration of sustainability metrics in air sourcing. Customers are reporting significant carbon emissions reductions where their travellers are switching from train to plane.

“While the expected softening of fare rises is good news for our customers, sourcing for corporate travel programs remains a challenging environment,” said Dan Beauchamp, head of consulting at Amex GBT.

“We are helping customers deploy smarter strategies as they navigate the changes and drive value for their organisations. Meanwhile, I believe the Air Monitor 2024 report is a useful industry resource for gaining better understanding of many factors influencing the air pricing landscape.”

The full Air Monitor 2024 report is available here.

(Featured Image: Passanger airplane flying above clouds in evening – iStock/spooh)