PARIS: Airlines cut domestic fares by an average 23 per cent last month as traffic picked up from April lows, global airline body IATA said on Wednesday , warning that post-coronavirus discounting posed a further threat to profitability.
"Airlines need cash because of the crisis and they're seeking to encourage passengers into seats by offering low fares," IATA Chief Economist Brian Pearce said. In Europe, low-cost airlines including Wizz Air and Ryanair have said they expect to win business from full-service rivals in a discount-driven recovery.Asian markets among the earliest hit are now improving steadily, IATA said - with Chinese, South Korean and Vietnamese domestic traffic back within 25 per cent of year-earlier levels.
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