Delta Air Lines expects travelers will pack planes during the upcoming holidays despite higher fares and growing concerns over inflation and the economy.
Delta’s CEO said he sees no indication that anxiety over inflation and the economy will discourage people from traveling over the holidays.“It’s going to be a very strong holiday season — Thanksgiving, Christmas, New Year’s,” CEO Ed Bastian said in an interview. “Consumers are still relatively healthy.”
Bastian said advanced bookings — typically three or four months into the future — and comments from big corporate customers point to “very strong” travel demand through the fourth quarter and into early next year. “As consumers spend excess savings and make up for lost travel, our analysis suggests that demand will wane for leisure travel,” said Christopher Raite of Third Bridge. He said that will make it even more important that business travel recovers despite alternatives including Zoom meetings. Delta said business travel is at about 80% of 2019 levels.
Delta’s $695 million profit is below the $1.5 billion the airline reported in the same quarter of 2019, before the pandemic. Including gains from investments and other non-core functions, the airline reported adjusted profit of $1.51 per share, two cents per share less than FactSet’s Wall Street survey.
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