Average airfares drop for 15th consecutive quarter at Memphis International Airport
Wednesday, October 26, 2016
MEMPHIS, Tenn. (October 25, 2016) – Year-over-year average airfares at Memphis International Airport (MEM) have dropped for the 15th consecutive quarter, according to the Department of Transportation (DOT). The DOT’s second quarter 2016 average airfare report reflects an average airfare of $390.24 at MEM, a decline of $28.46 compared to 2nd quarter 2015.
The average airfare at MEM has now dropped by more than $156 (inflation adjusted) since its peak in 2012.
Lower airfares have helped MEM to increase its origin and destination (O&D) passenger totals by eight percent since 2015, which reflects more than 400 additional passengers per day each way. O&D passengers increased to 5,677 passengers per day each way compared to 5,280 in 2015. During its hub era, as little as 20 percent of the passenger traffic at MEM was O&D, with the vast majority of passengers using Memphis as a connecting point to get to their eventual destination. Now, 99 percent of that traffic is O&D.
Pace Cooper, Chairman of the Board of Commissioners of the Memphis-Shelby County Airport Authority, said “We’re thrilled that more O&D passengers are departing from MEM, and lower airfares are helping to drive that growth. These positive trends are a combination of new airlines, added flights from existing carriers, and up-gauging to larger planes to key destinations.”
Additional information is available at http://www.transtats.bts.gov/AverageFare/