Fears of a lull in demand sent airline stocks lower across the globe this week and set a gloomy tone for the world’s second-biggest airshow in the United Kingdom, but the economic downturn isn’t deterring a boom in business class travel.
Flight Centre, which provided a trading update this week, said economy airfares had fallen 13 per cent in the three months to June 30 after reaching record highs a year earlier.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
