Aviation – In-depth – [NONRATED] – 2025 Outlook: Await the return of domestic demand

In 2025F, we expect that (a) airfares could decline as new supply enters the market and stored aircraft gradually returns, and (b) consumers could spend more on leisure and travel thanks to a better economy. Airlines’ revenue growth in 2025F would be tied to the volume of passengers carried, not solely by the airfares increase, as seen in 2024.