You might have wanted to go overseas this month, looked at the airfare prices, and decided against it.
Good news for you: airfare prices are expected to drop after a few months, after the reopening-induced-flying-frenzy is over.
Here’s everything about airfare prices and SIA’s expectations for the future.
Prices Expected to Decrease
CNA previously reported that data from travel platform Expedia showed that ticket prices were higher than in pre-pandemic times/ The average price for Sinaporeans’ top five travel destinations rose by 20% from 2019.
Commercial executive vice-president of SIA, Mr Lee Lik Hsin, explained that airfares are merely a function of supply and demand. As flights for the next two months are pretty booked for many sectors, the prices for those sectors will go up.
This can also be seen in how corporate bookings are almost back to pre-pandemic levels.
However, beyond two months when the demand is lower, the prices will decrease. Additionally, SIA regularly does promotions to get early bookings and sales so that you can find even better deals.
So no, SIA isn’t here to make your wallet cry. it just really depends on when and where you need to travel.
Furthermore, Mr Lee said that SIA did not see the higher prices trickle down to the lower cabin classes. He added that the company would continue to adapt to supply and demand.
SIA Supporting Manpower Growth
Speaking at a briefing the day after SIA reported a lower annual loss of $962 million, SIA’s management said that the group is in a good place to support growth.
During the pandemic, SIA implemented a hiring freeze, and offered cabin crew early release or retirement. They also cut thousands of positions.
However, with the aviation industry recovering from the pandemic, SIA resumed cabin crew recruitment earlier in 2022. Planning ahead, operations executive vice-president Mr Mak Swee Wah stated that SIA is in a “good place to support the capacity growth that we anticipate”.
SIA is currently operating at 60% capacity when it comes to cabin crew. This figure is made up of crew who were out of operation, as well as new recruits.
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Still Sponsoring F1
Despite their already significant financial loss, SIA Group is still sponsoring the upcoming F1 night race.
Their CEO, Mr Goh Choon Phong, shared that after discussing with the relevant parties, they decided to continue sponsoring the race.
This is because of the spin-off effect that the sponsorship has, in terms of bringing people into Singapore and for SIA’s brand exposure.
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