LONDON - The rise in the cost of flights between Asia Pacific and Europe has been dramatically exceeding prices from the previous three years, according to Airbus airline-data subsidiary, Skytra.
Air fares have risen in all major regions as travel restrictions begin to ease. Fares on flights between the EU and the Asia-Pacific region increased by one third year-on-year in the week to May 10, Skytra reported.
“Whilst all regions have picked up their pricing compared to previous weeks, it is APAC-EU that is setting a potential new norm for significantly hiked flight prices for those who still want to travel,” Skytra added.
Skytra says ticket prices between Asia Pacific and Europe have gone up 34%, driven by major reductions in capacity and the fact that the majority of travel is, for the moment, essential or repatriation.
Mark Howarth, Skytra chief executive, said, “We are entering a new phase in Covid-19’s impact on the global air travel industry. Bookings are beginning to pick up again as passengers start to undertake essential travel.
“We’re observing a new pricing equilibrium driven by an adjustment in flight capacity and demand reviving from extraordinarily low levels.”
Howarth added, “It is an evolving picture and affects prices in each market in a different way. While we remain in a very early stage of recovery, it’s reassuring to see a continued rise in demand.”