The report expected the total revenues of aerospace companies to increase by 7.6 percent year-on-year (YoY) to $ 964 billion in 2024. 

IATA's report also predicted a slower 6.9 percent increase in costs YoY to $ 914 billion.

“People love to travel, and that has helped airlines to come roaring back to pre-pandemic levels of connectivity. The recovery speed has been extraordinary, yet it also appears that the pandemic has cost aviation about four years of growth. From 2024, the outlook indicates that we can expect more normal growth patterns for passenger and cargo,” said Willie Walsh, IATA’s Director General.

“While the recovery is impressive, a net profit margin of 2.7 percent is far below what investors in almost any other industry would accept. Of course, many airlines are doing better than that average, and many are struggling,” Walsh added.

The data in IATA’s report is based on a survey of travellers that showed that a third of them reported travelling more than they did pre-pandemic.

The survey also showed that 49 percent of travellers said their travel habits are now similar to pre-pandemic, while only 18 percent reported that they travelled less.

Furthermore, 44 percent of travellers surveyed by IATA said they would travel more in the next 12 months than in the previous 12 months, while only 7 percent said they would travel less.