The recovery has been led by domestic leisure travel supported by high household savings, a desire to travel following a prolonged period of living in one's primary residence, and the removal of most travel restrictions.
Even with the surge in global Coronavirus Disease (COVID-19) cases following the Delta and Omicron variants in the last quarter of the year, passenger volume data from the International Air Transport Association (IATA) indicates that air travel demand continued to recover through year-end supported by the desire of vaccinated people to travel to see loved ones during the holidays or to simply have some time away.
“As a result of the steady but uneven recovery in passenger volumes, airlines have become more confident in their expectations of a full recovery in aviation travel over the medium-term, which has supported demand for aircraft and is a positive for aircraft lessors,” said David Laterza, Senior Vice President, Head of Non-Bank FIG – Global FIG.
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