Air travel is a crucial aspect of life, with business and leisure travelers playing significant roles. The IATA predicts that the number of passengers traveling by air will reach 4.7 billion in 2024, a rise from the 4.5 billion passengers in 2019. Global flight bookings for leisure travel soared 25 above pre-pandemic levels in April, driven by the number of short-haul and long-haul flights. As low-cost air carriers increase their market share, the percentage of leisure to total passengers will increase.
Fares in heavily business-oriented markets dropped 33 percent in the pandemic year of 2020 compared to 12 percent during the 2007-2009 period. Global leisure tourism spending rose by 31.5% in 2022 compared to the previous year. However, domestic travelers worldwide remained expenditure-heavy.
Lounge travel began regularly outperforming business travel in 2019, with the week of May 22 almost four times higher than the same week pre-pandemic. Business travelers account for 12 of airlines’ passengers but are typically twice as lucrative, accounting for up to 75 of profits. In the last two months before flight, the share of passengers traveling for leisure is approximately 90, which decreases to 65 a week before flight.
Globally, from 2010 to 2019, the compound annual growth rate for leisure air trips was 6.6%, in contrast to only 3.3% for business. Recovery in terms of actual revenues is accelerating, with Revenue Passenger Kilometre (RPK) growth rates expected to hit 25 in 2023.
📹 Airlines’ Business Travel Problem
Writing by Sam Denby Research by Sam Denby and Tristan Purdy Editing by Alexander Williard Animation by Josh Sherrington …
What percentage of people travel by air?
It is estimated that approximately 20-25% of the global population currently utilizes air travel as a mode of transportation.
How much of air travel is private?
Private jet flights, which account for 16% of all flights handled by the FAA, contribute only 2% of the taxes to the trust fund that primarily funds the FAA.
Do 85% of leisure travelers decide on activities only after having arrived at the destination?
Clients often book activities in-destination, as 85% of leisure travelers decide on activities only after arriving at the destination. Many travelers are looking for travel providers to share experiences with them while they are in-destination, which can be an opportunity to take advantage of the “share with client” link. It is important to note that certain activities are more likely to be booked once in-destination, as travelers are less likely to purchase the actual activity in advance.
To avoid losing out on commission, send clients a list of activities they might have been thinking of while they are in-destination. Clients may want to wait until they know the weather before booking outdoor experiences or walking tours, or a museum tour on a rainy day. By sending clients your links before they depart, you can ensure that any bookings are attributed to you and you will earn commission.
What percentage of air travel is for leisure?
Air travel accounts for about 80% of all overseas travel, with leisure travel accounting for 64% of the total. Business travel accounts for about 12% of overseas travel, but this has decreased by 14% over the past decade. The latest survey data shows that 52% of respondents made no flights in the previous 12 months. Income plays a significant role in flying, with 71% of those living in households with an income less than £8, 319 making no flights in the previous year and 44% of those with income levels over £26, 000 making two or more flights a year.
Leisure travel by UK residents found that those with an income over £115, 000 or owning a home overseas increased the number of flights by 60% (to 3. 4 a year), and if both conditions were met, it doubled the number of leisure flights (to over 5 per year).
How big is the leisure travel industry?
The global leisure travel market, valued at USD 340. 31 billion in 2022, is expected to grow from USD 417. 3 billion in 2023 to USD 2129. 96 billion by 2031, at a CAGR of 22. 6 during the forecast period (2024-2031). This rapidly developing industry offers a wide range of services and activities for recreational and enjoyable experiences for travelers. Prior to the COVID-19 pandemic, the market experienced steady growth due to heightened demand for memorable vacations in the middle-class population.
However, the pandemic interrupted this growth period, with a sharp fall in international tourism due to travel constraints and border closures. The market is slowly reviving as domestic tourism comes in, with travelers seeking nature-based outdoor activities. The strict health protocols placed on the market also dictate its growth, as these standards have become more rigid due to growing health and safety concerns.
How much air travel is tourism?
The aviation industry plays a crucial role in the global economy, with 58 of all international tourists traveling by air. This transport allows people to explore new countries, relax on tropical beaches, build business relationships, and visit friends and family. The latest edition of ATAG’s report, Aviation: Benefits Beyond Borders, explores the various ways aviation contributes to the economy, jobs, and sustainable development. The report is a key reference tool for industry, governments, and academics, providing policymakers with a global view of how air travel creates jobs and drives economic growth.
The report also provides regional summaries for various regions, including Africa, Asia-Pacific, Europe, Latin America, the Middle East, North America, APEC economies, the EU, small island states, developing countries, OECD countries, least-developed countries, and landlocked developing countries.
Do pilots prefer long haul or short-haul?
Pilots who have tried both short and long haul flights often find it challenging to manage the sleeping in bunks onboard and the jet lag/time zone impact on their body, which can negatively affect their lifestyle outside of work. Having flown both types, the pros and cons of both are highlighted in this blog. Long-haul flights typically use larger wide body aircraft, while short haul flights typically use narrow body aircraft. Pilots who have experienced both types of flights will likely prefer long haul due to their unique experiences and preferences.
What percent of flights are full?
The passenger load factor (PLF) of global airlines has been steadily increasing over the past 15 years, from 75. 2% in 2005 to 82. 6% in 2019. The pandemic in 2020 caused a drop to 65 percent, but it rebounded and is forecasted to reach 82. 5 percent in 2024. PLF measures the utilization of an airline’s passenger carrying capacity, calculated by dividing revenue passenger kilometers by available seat kilometers. A higher PLF indicates less empty seats on each aircraft, but does not indicate changes in total kilometers flown per passenger or per seat.
A higher PLF generally leads to a higher profit margin for airlines, but it is only one factor affecting total profitability. The cost of airline fuel, which can be highly variable, has a significant impact on operating margins, as seen in the jump in profitability from 2014 to 2015, which corresponds with a significant decrease in fuel expenditure.
What percentage of air travel is commercial?
The study reveals that a significant portion of American airline trips were for business purposes in the 1970s and 1980s, with a recent shift towards 25-30% business and 70-75 percent personal travel. The survey was partially conducted using the Ipsos KnowledgePanel, an online panel representative of the adult U. S. population, recruited via postal mailings to random residential addresses. A non-probability sample with a quota design was used to increase the study sample size and analyze subpopulation groups of interest.
What percent of flights go around?
The lack of go-around decision is the leading risk factor in approach and landing accidents and runway excursions during landing. However, only 3-5 of unstabilized approaches lead to a go-around, with one in ten reporting potentially hazardous outcomes, including exceeded aircraft performance limits or fuel endurance. A study by Embry-Riddle Aeronautical University found that factors with the highest correlation with unstable approaches at 500 feet AGL include idle thrust levers, autothrottle deactivation, deployed speed brakes, glideslope deviation, localizer deviation, flaps not extended, rate of descent deviation, approach speed deviation, and incomplete landing checklist.
What percentage of flights are full?
The passenger load factor (PLF) of global airlines has been steadily increasing over the past 15 years, from 75. 2% in 2005 to 82. 6% in 2019. The pandemic in 2020 caused a drop to 65 percent, but it rebounded and is forecasted to reach 82. 5 percent in 2024. PLF measures the utilization of an airline’s passenger carrying capacity, calculated by dividing revenue passenger kilometers by available seat kilometers. A higher PLF indicates less empty seats on each aircraft, but does not indicate changes in total kilometers flown per passenger or per seat.
A higher PLF generally leads to a higher profit margin for airlines, but it is only one factor affecting total profitability. The cost of airline fuel, which can be highly variable, has a significant impact on operating margins, as seen in the jump in profitability from 2014 to 2015, which corresponds with a significant decrease in fuel expenditure.
📹 Unlimited Flights Around The World | How ‘Non-Rev’ Travel Works
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Unless your meeting is at or near the Memphis airport, you will likely be late to your 2:00 p.m. meeting if your flight is scheduled to arrive at 1:06 p.m. If my meeting was that important, I would fly out the day before. Also, departing Phoenix at 6:00 a.m. probably means getting to the airport by 4:00 which means waking up at some ungodly hour in the morning.
I am working in China rn. Just got off a flight. From a leisure backpacker to a business flyer, I see my consumption change drastically. From a 4mth advanced booking to a 4hr rushed purchase. From a leisurely stroll from food court to shops, to mad run from security to gate (a Starbucks quickie if possible). This hits hard, bro.
4:55 haha oh gosh. I used to work for southwest (corporate) so I had no choice but to only fly them for business. Because of what you describe there, it usually meant unfairly long work weeks when traveling. so frustrating lol unrelated: this is one of the most accurate and thorough yet concise explainers of airline business in general that I’ve ever seen. Nicely done thanks, I’m sharing this to our interns at other airline.
3rd quarter revenue for 2022 United beat Southwest and Delta for the first time. United is dramatically changing their plan to leisure travel orientated with the guide of new CEO scott kirby. With zoom calls / skype being used to replace business travel, i will expect all major airlines (UAL, DAL, AA) to keep on going towards that route as well to survive.
Another missing detail here: United has agreements with their largest customers. When I book (or used to book) travel, United was our preferred airline regardless of whether it was cheapest. At the end of the year the company gets some sort of volume reimbursement from United for bringing them the business. United clearly values these agreements, to the point that it even gives me a slight boost in the upgrade list, but we aren’t flying anymore. The pandemic has been used as the excuse they needed to curtail travel, and we don’t think it will ever really return to the way it was. Maybe that’s for the best, I’ll miss premier status though.
Very interesting article as always! However, I think you’re missing part of the equation: Private jets. Netjets and it’s parent, Executive Jet Management have paused all jet card sales due to soaring demand, and new clients are being put on waiting lists. Other companies, like XO or Vistajet, are recording record demand and increased sales on their private jet fleets. Have business travelers truly stopped flying, or have they just stopped flying publicly? Food for thought.
the company (energy company) i work for has changed our travel plans drastically, sold company plane, and only flights that are 100% needed. like ceo other execs traveling between offices seem to be the only thing we approve now. all standard employees just do team meeting if you need to talk with anyone from different office region. were doing it saving huge cost and also were trying to cut down all c02 we generate.
Hi! Great article! Personal anecdote to add: my college is in a big city in a different state, so I’ve had to fly there and home with all my stuff for the semester. Southwest has roughly the same fare as every other airline, yet they provide 2 checked bags for free, while most other airlines charge somewhere around $40-60 per bag, so I save $100 by using SW. however, when I fly home for winter break, I won’t need to take much with me, so I won’t take SW because it doesn’t fly to as many destinations or as many routes and the open seat policy makes boarding slower and more prone to delays.
Now do one about how businesses pay way more for internet than home users do – service level agreements are different, but also business can afford it. And they “subsidize” the cost of service for home users. Businesses also usually pay thousands for service installation if the line doesn’t exist – homeowners will usually get access for free.
What a great article, as usual. I often thought about how perhaps zoom could replace most meetings, but honnestly its an illusion. There is nothing like a face to face meeting and nothing will ever replace it. In a few years time it will be business travel as usual and I think we would have understood that nothing can replace face to face meetings.
I’m a massive aviation fan, but even I can say that this outcome of article conference meetings being the perfectly acceptable norm and the airlines sufferring as a result, is actually a good thing. Less people travelling on planes for business represents a good thing, it means ultimately that less planes need to fly and therefore less fuel consumed. While it saddens me persoanlly to see the dealth of any airline, or older less effecient planes being phased out of service – the reality is, without being selfish and thinking for the greater good, less fuel and everything associated is a better outcome. Now, obviously people depend on these airlines for jobs and to put money on the table, but the sad reality is, people lose their airline job and they end up working elsewhere filling in another requirement in society, maybe these people never like their new jobs as much as they did their old job, but this is the reason I work doing something I don’t enjoy… because it’s work… not fun.
I don’t see a reason why business travel would ever return to the level where it was before. Truth be told, I am from an Eastern European country and I know very few people who have the money or would ever pay for a business class seat. It always seemed like a waste of money to me, no matter you are a businessman or a tourist.
Another factor that is hurting the bigger airlines is the restrictions on international travel, particularly the effective ban on transpacific and transatlantic travel for business and leisure. The bigger carriers don’t have much competition from low cost carriers, and there’s only so much room for cargo on a commercial airliner.
Great work! While it’s on the money, there is another factor that hasn’t been addressed. The air charter industry especially in recent times have been doing a lot of marketing on safety. That’s where a lot of the business travel will be done in the future, and airlines won’t be able to get that market back.
Unless there’s some obvious reason to do so, most businesses aren’t going to fly you out to one city for one night and fly you back anymore — at least not in Europe. It’s a waste of everyone’s time and money. The only thing I’ll miss is sometimes, either because the stars aligned or someone was being nice (or simply not paying too much attention), you could book a Monday morning flight and return Tuesday night/Wednesday morning. This way, you at least got to see the city a bit, maybe hangout with your clients or old friends or family — you know, something fun and enjoyable. In the new world, you meet with clients on Monday morning on Teams, do a little extra work until noonish and then go “on call” (which means doing something you enjoy or need to do but didn’t have time for like work on the house or tutor your kids). And you’re either back in the office or back on-line Tuesday morning. The new world, with the exception of that rare “goof around” day, is the better way. I never truly realized how much time I was wasting going to and from airports, waiting in airports, sitting on airplanes etc. However, I always realized that I despised doing that. Good riddance.
I am a super frequent flyer… This article has some bad information. Southwest has FAR more flights than networked airlines for most routes. The situation is reversed and not as described. Because one needs to connect through a hub city for the big 3 and often overfly or fly into a different direction, the last flight departing from your visiting location is usually too early in the afternoon and makes it difficult to schedule business meetings. Similarly for the leaving your home city, the hop through the hub city will likely wipe out most of your travel day, especially if you are going from west to east coast, or get you there too late for your business meeting bound by regular business hours. Southwest’ point to point model has a much higher chance of being able do those meetings in a day trip or day and half trip.. The main reason business travelers, such as myself, pick networked airlines over that of Southwest is network coverage, and the little perks of the frequent flyer programs, which also extend throughout the airline alliance globally. US’ economy is very globalized, which mean most industries also need international travel for their employees. A networked airline like DL, UA and AA has far more robust network and even more so with their international partners. You really won’t understand this until you try to do international flights by combining, for example UA with WN, instead of go UA all the way. The logistic nightmare of check-in, checked bag, running from one terminal to another in a very tight connection, or delays will make it impossible to go with WN.
Very good article. You forget to mention a very important factor – the government City Pair Program (CPP), which has pre-agreed on (low) prices for the significant number of government travelers on US carriers. YCA and _CA fares. It would be interesting for you to re-address this with that factored in.
United, Delta, American will probably end up cutting routes and cutting the number of flights first, then reconfiguring some of their planes that is somewhere between business and economy in terms of amenities and cost. This is bound to occur as many companies have found out that with a good camera and better microphone, the need for face to face meetings will fall. This is just a WAG, but you might see as much as 40% of business travel be gone forever. Online meetings mean you do not have to fight traffic to get to the airport early to go through security and arrival is no better – you may land at 1300 but by time the plane taxis to the gate and deplaning begins you might not be getting off the plane until 1330, then you get to fight traffic again (taxi, Uber, Lyft) – especially in the USA as a number of major airports lack mass transit into their city (looking at you LAX and McCarron).
I don’t think offices will get back to what they were before the pandemic anytime soon. A lot of big corporations realized just how much money they are paying for office spaces and the fact that it might not be entirely necessary. My company for example told about 90% of it’s staff that they can continue working from home if they want to and a lot people are taking them up on that offer. Sure, the productivity might fall by 5-10% while working from home. But it’s offset by not having to pay rent for a massive office in the middle of London and not having to pay staff for business travel expenses.
The model situation has one flaw; there have been low cost airlines in Europe that offered “one-way morning/evening flights” with short turnaround times, let’s say from Kaunas to Vienna (example) so that leisure AS WELL AS BUSINESS travellers could go to Vienna in the morning and return in the evening. However there was NOT the same flight the other direction because, having arrived in Vienna, the plane served a flight to another city. In other words, low cost airlines offer mornign/evening flight that are ONLY convenient for citizens of the ONE city, not both. This was the case of Sky Europe in particular.
a family member working at Eurocontrol told me that they’re expecting to see flight numbers to be at pre covid levels in around 2023 and they already saw flights declining through august again. At their peak (which is anually around the first weekend of july, the start of most of europe’s summer vacation) they had 55-60% of normal traffic this year. At 100% they had around 5413 flights each day during the start of the summer. this year I think they peaked at around 3000 Most controllers work a lot less hours now because there’s just no need for them at the moment.
Another explanation would be that domestic travel, which is less profitable than international, has recovered faster. Southwest operates no international routes at all, so their revenue recovers at almost precisely the same rate as passenger numbers. Other carriers get lower revenues per ASM because they now carry more domestic traffic than in 2019, relatively speaking. It might not be apparent if you live in the US, but it has been almost impossible to travel there from overseas for many months, except if you are a citizen or legal resident. Once these restrictions are lifted, international traffic will pick up, and revenues will increase. But not for Southwest, because they don’t do international.
To be honest, I don’t see business travel ever coming back to the levels that it was in 2019. Companies don’t like to spend money if they don’t have to and a significant portion of business travel just simply can be done digitally. It’s more convenient to hold a late night Zoom meeting with your peers in Tokyo than having to weather a 14+ hour flight for what might be a two or three hour meeting. Certainly, higher level meetings and negotiations will still be done in person but a lot of the lower level stuff? Those days are gone. And this is going to affect a lot more than airlines. Hotels and a hospitality industry that depends on business travelers for a certain percentage of their revenue are going to be impacted. It’s going to be monumentally ugly while all this shakes out.
I think the idea of flexible working is definately applicable too. Why spend the time and money to commute by plane every week when you could go for Zoom and try and concentrate the stuff that needs to be done in person to perhaps a day a month instead – Businesses are seeing the cost savings in reducing overall office space and travel expenses, so if the employees don’t like it and it doesn’t bring that much in terms of extra productivity…why bother? Working from home was harder during lockdown, but now things are re-opening again, I’m personally quite enjoying saving some commuting time that I can use to go out to eat, or be able to go and look after family member’s dogs during a weekday afternoon. I don’t think travel will dissapear, but it will definately change. Catering to your middle aged WASP businessmen is no longer a profitable strategy for airlines or public transport operators. They should focus on people visiting friends, family or working in jobs that can’t be reasonably done over article conferencing. For airlines that means more flexible tickets and better value offerings and for public transport, that means serving a wider array of destinations over a wider span of time, freeing those resources by not having such a peaks heavy service.
Outside of the US, this is hitting some full service airlines hard. Singapore Airlines has no domestic network, as its based in the city-state, so its entirely dependent on overseas travel. Thai, being largely tourist dependent, has gone through bankruptcy proceedings and here in Australia, Virgin Australia ended up being sold and being restructured. As it is, Australia is at least 6-8 months away from opening its borders to international travellers.
This article is mostly accurate but makes two big mistakes: 1. Southwest carries more business travelers in the continental U.S. than any other airline. They are not just a leisure airline and far from the lowest price airlines. 2. Leisure customers value price over time almost every time, so would happily take a connection if it saved them money,
Here’s the thing about business travel: 90% of it is unnecessary and could be handled by technology. Zoom calls, various e-hookups, even a simple phone call, most tech can replace travel. I worked in a hotel and a company sent 4 men to check on one bar that was having problems. The bar closed the next week. Seems they could’ve saved time and money using something short of travel.
Your assertion that “back to the office” equals business travel makes no sense. We still travel to conferences, client meetings and annual kickoff retreats. None of these have anything to do with local office policies. This was an ill-conceived article. (And yes, all of this was true in 2021 when the article was released)
Business travel will never return in the same way, COVID has accelerated changes to working practices by a decade of more. Plus businesses can big-up their ‘green’ credentials by limiting air travel of employees, and workers now value work/life balance and aren’t interested in getting to the airport at 6am.
Airline business travel revenue will recover 100% in 2022 compared to their 2019 numbers. In 2021 businesses were still very conservative about authorizing business travel because of COVID liability. In 2021, large businesses were still leary of allowing amd requiring employees to travel for business because of the potential liability because of COVID. The same people making these decisions for companies were happy to travel themselves for leisure in 2021. In 2022, the perceptions of COVID have has completely changed and I expect business travel to return to pre-pandemic levels. Also, the work from home rave will also greatly subside in 2022, especially for non-tech companies, when they begin to realize the loss of productivity they experienced from having their entire office-based workforces working from home.
I’d love to see this type of analysis for international business travel as well. That is where I spent money prior to COVID. And I cannot imagine it will recover as quickly as even US business travel will since the vaccine rollout is so abysmal in most other countries. It also keys into the extension of FF status etc since most business travelers could not travel this year. Thanks for the excellent article!
To be honest, the past 2 Years seem like a huge downhill for humanity. Like Yeah tech has improved a lot and we are trying to be more environment friendly than ever but the number of negative things happening is exponentially increasing. The pandemic, floods, fires, wars, terrorism, earthquakes, and importantly the climate change which is turning catastrophic for everyone. Businesses, Corporations are struggling people are protesting against stuff and what not is happening. Airlines too, probably having the worst years of their history. Now I think either till next year everything will go uphill and like all this shit will end or we will keep going downhill and things will get more worse, which seems more likely actually now. I am not happy with everything happening, it almost seems unreal how bad things have gotten lately….😔😔
No one foresaw the absolute avalanche of ordinary travellers seeking out business class for medium to long haul flights. International business travel now commonly requires high level authorisation in larger companies. Will 2024 see a re-emergence of face to face meetings. Perhaps in Asia but other than for organised sales events (say an Airshow) I think it will be slow. Intra country business travel is perhaps different but I doubt it
A few years ago, I flew internationally several times per month for business reasons. I did not even see the prices my company paid. We greatly reduced travel and now I have not travelled for business reasons since 2018. it is entirely likely that the pandemic has permanently changed business travel demand.
airlines take most of their profit from 20% of passangers by doubling the ticket of flight ticket 2 month earlier is half the price if bought days before but this didn’t work in covid time (flexibiltiy + adaptability) was required their most profit arises in summer time (the busiest one) >growth and decrease is compared by 18 days starting of the month .
12:20 the problem for business (and airlines) is there is not path out of the Pandemic, with Governments providing exactly 0% stability and offering no real path forward business have no choice other than to play it safe. Governments world wide have prioritized health over economy (not saying that is the wrong choice) which has meant the economy and businesses have had be reactionary to the forever changing rules. I work for a traditional (business based) airline which has seen a huge rebound in domestic travel for business and leisure but international travel is being held back by Politics not demand. Basically as soon as there is no more threat of boarders being closed or lockdowns travel will bounce back for businesses too.
The combination of more workers pushing for flexible working going forward long term (i.e. work from home etc) and the pandemic demonstrating that its possible to get things done without needing to be there in person (thanks to article conferencing and other technologies) means business travel will likely remain lower going forward and that’s not so good for airlines like United, Delta and American. Of course if (or when) they do start struggling, they will just get more bailout money from the US government (which IMO they absolutely shouldn’t be getting)
In March 2020 US airlines were letting passengers cancel their flights and take an evoucher (like me). I used the echoucher to fly this Thanksgiving. Did the airline book the revenue March of 2020 or Thanksgiving 2021? In other words: Does the airline officially declare the revenue when the ticket is bought or when the flight is flown?
Would be interested in a article on what would happen if one of the big legacy carriers (such as AAL) goes bk. How this would affect both the air travel market and competitors. It has been awhile since a large US airline was liquidated, and that was before the merger to 4 large US airlines controling most of the market.
Isn’t hybrid work going to change this a bit. I mean if business travelers would choose cheaper flights with low cost airlines and use the 21 hours overlay in your example for remote work, wouldn’t that kinda change things here and enable business travelers to use cheap direct flights + hotel stays and remote work to achieve efficiency?
Well, well… it’s very hard to feel sympathy for any business whose income relies so heavily on people making unnecessary trips round the globe. Unlike a vacation for which you really do need to be physically present in the location, business travel consists mainly of folks travelling for stuff they could be doing remotely.
Thanks for mentioning the environmental problem, of which the implications may be larger and longer-lasting than those from the pandemic. In areas such as Europe, trains (high-speed or overnight sleeper trains) seem to have the better future for the decade ahead. At least until we figure out a way as to how to fly sustainably.
Personally I really can’t see business travel returning to what it was – I think it’ll return to maybe half and then slowly fade away as we navigate the challenges on climate change. Perhaps in the USA it may return to a higher level, but here in Europe it is definitely the opinion (with mandated company policy changes at places like Deloitte) that business travel on planes will be a challenge to get approvals for, and almost become looked down upon, as we begin to report our environmental footprint to the public
With all the recent cancellations by Southwest and others blamed on ATC and weather, but with the pilots blaming “mismanagement” I am starting to think that it’s unlikely that a company as historically successful as SW would suddenly be plagued with incompetence. I’m starting to think that they might somehow be making more money through cancellations and the resulting rebooking and vouchers, etc. – delaying travel into the future when planes might be fuller. Do you have any insight into this?