Air Fares Declined 17% in 2nd Quarter 2015
Jan. 8, 2016 — Air fares from CVG continue to decline sharply as reported in the most recent Department of Transportation air fare data. CVG’s air fare position fell to #20, with fares dropping 17.0% year-over-year in the 2nd Quarter 2015 Department of Transportation report released on January 8th. Average fares at CVG have declined in 9 of the last 10 quarters dating back to the 1st quarter of 2013.
“We are delighted with the improved air fare performance we have seen over the last two years,” said Candace McGraw, chief executive officer, Cincinnati/Northern Kentucky International Airport. “Travelers across the Tri-State region have taken notice. Our local passenger volume increased 16% year-over-year during the second quarter.”
The trend of improved air fares is expected to continue into 2016. Allegiant Air opened a new base of operations at CVG on January 6th which will enable future expansion and additional flight options to both new and existing markets. American Airlines started new service between CVG and New York LaGuardia on Jan. 5 with three daily flights and Frontier Airlines just announced the addition of four new markets starting in April 2016.
“We know the key formula for lower fares is providing competitive options for travelers,” said McGraw. “Diversifying our carrier base remains our primary strategic objective. Thanks to the support shown by the region for the new carriers and new route options, we are making progress in that effort.”
During the 2nd quarter of 2015, low cost carriers Allegiant and Frontier Airlines represented 17% of the airport capacity compared to just 4% in 2nd quarter of 2014. Together, the low cost carriers boarded more than 138,000 passengers during the reporting period.