Airfares Declined 13.5% in 2nd Quarter 2016
October 25, 2016 – Airfares from CVG fell 13.5 percent year-over-year based on the most recent Department of Transportation report for second quarter 2016. CVG’s airfare ranking among the top 100 U.S. domestic airports fell from #20 to #40, the best ranking achieved by CVG since the report was first published in 1995. Average fares at CVG declined in 13 of the last 14 quarters.
“The second quarter is typically one of the busiest quarters of the year at CVG,” said Candace McGraw, chief executive officer, Cincinnati/Northern Kentucky International Airport. “This year passenger volume is up almost 14 percent and it is rewarding to know that passengers are paying approximately $150 less now than they were two years ago.”
While much of the lower airfare trend can be attributed to low-cost carriers Frontier Airlines and Allegiant Air which serve 26 different airport destinations from CVG and represented 20.2 percent of total passengers during second quarter, other carriers are also growing and contributing to the lower fare environment. American Airlines grew by 19 percent and United Airlines grew by 13 percent compared to last year. Delta also experienced an increase of 5 percent in local passengers.
“Diversifying our carrier base and creating competitive options for passengers in the Tri-State region has been a key objective for us,” McGraw continued. “We are now positioned as one of the most competitive airports in the region; and with more nonstop destinations and peak-day departures than other airports, CVG can offer both business and leisure travelers the options they need.”
Based on department of transportation figures, CVG is ranked 40th in the nation with an average fare in the second quarter of $378. This is thirty-five dollars lower than #20 Dayton at $413 and sixty-one dollars lower than #7 Louisville at $439. Lexington was ranked #26 with a fare of $403.
Many of CVG’s top destinations have seen significant passenger growth over the last year as a result of lower fares. New York, LaGuardia experienced an increase of 46 percent with fares decreasing 30 percent during the second quarter. Orlando, Philadelphia, Houston, Denver, Tampa, Baltimore, New Orleans and Austin also experienced year-over-year increases in passenger traffic of more than 30 percent with fares decreasing on average more than 20 percent.