Airline bookings have 'fallen off a cliff' not seen since 9/11 as coronavirus wreaks havoc on the industry
Three cleaners of Cathay Pacific Airways disinfect a plane in Hong Kong, south China, Thursday, May 15, 2003.Airline bookings have fallen drastically as travelers cancel flights over fear of the spreading coronavirusAnalysts at Cowen estimate the industry could see its worst headwinds since September 2001. Airlines have drastically cut flights as demand for travel waned amid the spreading coronavirus, and the worst has likely yet to come.
Shares the major US carriers have fallen by more than 50% in some cases since January as bookings are culled, leaving the airlines in a cash crunch, according to analysts at Cowen. Things were exacerbated by a"Airline bookings have fallen off a cliff, with cancellations exceeding new bookings as travelers are afraid to fly," Cowen said in a note to clients on Thursday.
"We think the fear is more about whether or not they will get home from their vacation than the actual trip. No one wants to wind up in quarantine for 2 weeks anywhere as a result of someone getting sick at a resort. As a result, we expect spring break trips to continue to be canceled, and no summer trips to be booked until the number of new cases peak."
Things could get even worse, despite airlines' best preparations made in the years since 2008's financial recession. It's not untenable that the business climate could get worse than it did following the"Yesterday, the decline in bookings mirrors the period after 9/11," Cowen said.
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