Will high rates bite into Canadians' travel appetite in 2024?

Despite economic uncertainty, there’s abundant optimism from airlines and travel experts when it comes to Canadians taking to the skies in 2024. A recent report from the IATA projected an estimated 4.7b people globally will fly in 2024 – which would exceed the previous record of 4.5b set in 2019. Even with the high volume of travellers, the IATA suggests the airline industry might only have a 2.7% profit margin. “Considering the major losses of recent years, the US$25.7b net profit expected in 2024 is a tribute to aviation’s resilience,” Willie Walsh, IATA’s DG, said in a written statement on the research. “People love to travel and that has helped airlines to come roaring back to pre-pandemic levels of connectivity. The speed of the recovery has been extraordinary.” Walsh’s optimism has been reflected at Porter Airlines, where the once-small regional airline spent 2023 aggressively expanding after acquiring 50 new Embraer E195-E2 jets to grow its network.<br/>