Airfares hit a new low in 2020, airline revenue drops $391B

Average airfare in the US fell to $245 in the three months that ended in September, the lowest recorded since the Transportation Department began collecting the data in 1995 and 30% lower than a year ago, while 27 million passengers flew in the third quarter, compared with 86 million in 2019. Airlines for America reports that corporate ticket sales through travel agents are currently down 88% from last year, and the International Civil Aviation Organization estimates that airline revenue was down $391 billion in 2020, with 60% fewer passengers flying.