ECONOMICS Money matters
ACI’s Andreas Schimm considers the improved performance of the world’s airports in 2010 and their growing economic power.
A
ccording to preliminary traffi c data for 2010, global passenger numbers exceeded the fi ve billion per annum mark for the fi rst time.
The 6% upturn in passengers during 2010 represented a better
than expected recovery from a two-year slump, and has catapulted the industry back into fi rm growth territory. However, merely looking at the global fi gures disguises the
fundamental shift that has occurred in regional traffi c patterns since the onset of the crisis almost three years ago. Indeed, the difference in growth patterns between the
established North American and European markets and the emerging regions of Middle East, Asia-Pacifi c and Latin America & Caribbean while still moderate in 2008, increased and solidifi ed in 2009 and 2010. Traffi c across the Middle East, Asia-Pacifi c and Latin America &
Caribbean regions, for example, has accelerated during the last three years – each recording double-digit growth in 2010 – while throughput in Europe and North America initially declined and has yet to return to 2007 levels. The biggest winner has been the Middle East, whose 32.7% rise in
passenger traffi c since 2007 is in marked contrast to the 1.5% and 6% declines in volumes reported by Europe and North America respectively. The picture is more consistent in airfreight where the recovery has
been broad with signifi cantly fewer deviations between the regions resulting in complete recovery.
32 AIRPORT WORLD/FEBRUARY-MARCH 2011 The recovery has been two-paced and certain countries and markets
have emerged stronger and leaner from the crisis. Certainly, export- oriented economies such as Germany and China have been the notable benefi ciaries of the recent upturn. Consumer and business confi dence is positive and the propensity to
travel remains high. Demand for premium travel has also returned as companies once again make profi ts. Asia remains an attractive market for European and US companies,
and it has now been joined by Latin America, where foreign investment has surged. Similarly, Chinese companies are entering Africa and Latin America in a bid to secure commodities. This bodes well for the travel sector. The growth of the middle class
in emerging economies continues, especially in India, China and Indonesia, as well as Brazil and Colombia. More and more people have the means to travel by air to visit families or take holidays. Also, the internationalisation of labour is becoming ever more
important. Working abroad, away from home and family, is a common property of today’s working world and a growing factor in air travel demand. As passenger numbers increase, airport revenues will grow again,
but the airport industry cannot rest on its laurels. In 2009 airport industry income was performing in line with
passenger numbers. A 2% revenue decline resulted in total income of $95 billion. The ratio of non-aeronautical revenues versus aeronautical revenues marginally shifted, in favour of the former to 46.5% of total income.
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