As the world gets wealthier, people from all walks of life are taking to the skies to travel and do business. According to the Airlines Reporting Corporation (ARC), not only are more people travelling, they’re also paying more. As of December 2018, more than 250 million passengers hit the runways, that’s a 2.7 percent increase from the previous year. While 2.7 percent may not sound like much, when you’re talking hundreds of millions of people, that’s nothing to sniff at.
Alongside the increasing number of passengers, each individual is paying more on average than in years past. Due to rising fuel costs and steadily growing taxes, passengers are spending more to go the same distance. The share of taxes and other (everything but the actual fare) expenses are rising rapidly, from AUD 22.5 billion in 2017 to AUD 26 billion at the end of last year.
So, if you’re looking at jetting off anytime soon, get a foot in early because it’s not getting any cheaper.