Word: airlinese
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Rather than cause brief setbacks to the airline industry's fortunes, 9/11 and the recession exposed a raft of deeper problems: high fixed costs, a convoluted fare structure, a boom in online bargain hunting by consumers and the growing disaffection of business travelers and their bosses. The full-service airlines...
But 9/11 and the recession changed everything. At first, it was not so much the fear of a terrorist attack as the worry of being stranded far from home that crimped air travel. Long waits at security checkpoints took their toll. Companies sought alternatives--driving and taking Amtrak; doing business...
The result: business travelers, who make up just 10% to 15% of all passengers, accounted for only 23% of total airline revenues in 2001, down from 35% in 1999, according to a McKinsey & Co. report. At the same time, total domestic passenger traffic has been falling at an annualized rate...
Even when the economy starts to grow again, it's hard to see business-travel revenue returning to its boom-time levels. The economy, after all, is unlikely to be cruising along at the breakneck pace of the '90s. Overall, business travel has fallen more than 20% since 2000, according...
When the Federal Government set up the Air Transportation Stabilization Board (ATSB) last fall to help prop up the ailing airlines with $10 billion in loan guarantees, many credit-strapped CEOs licked their chops in anticipation of yet another big, fat government handout. But this time, at least so far...