Finance outlook - Is aviation entering a new golden age?

The global air travel industry is in something of a sweet spot. Demand remains strong and airlines are reporting improving profitability outlooks. Air travel is now accessible, more convenient and safer than ever. Yet, aviation is a cyclical business, and good times appear to be inexorably followed by bad.

• Where are we in the cycle? Still going up, at the peak or starting on a downswing? Should the industry be worried about softening fares and yields and a possible weakening of demand?

• Business travel is still lagging well behind leisure. Has this vital market undergone a structural change, and how has the industry responded to the loss of this profitable sector?

• Is now the best time for transformation? Should airlines that weren't able to restructure during the pandemic take the opportunity now?

• The industry is still dealing with heavy debt loads from the pandemic, combined with higher than expected interest rates and an appreciating US dollar. How does the sector strengthen its balance sheets in such an environment?