The departures hall at Heathrow Terminal 5 in London. The airport predicts a record year for passenger numbers in 2024. Bloomberg
The departures hall at Heathrow Terminal 5 in London. The airport predicts a record year for passenger numbers in 2024. Bloomberg
The departures hall at Heathrow Terminal 5 in London. The airport predicts a record year for passenger numbers in 2024. Bloomberg
The departures hall at Heathrow Terminal 5 in London. The airport predicts a record year for passenger numbers in 2024. Bloomberg

Heathrow passenger numbers forecast at 81.4 million for 2024


Matthew Davies
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Heathrow is predicting an increase in passenger numbers next year, as demand for air travel continues to climb, according to a report from the London airport.

Bosses at Europe's busiest airport on Friday said they expected 81.4 million passengers to pass through in 2024, compared with a predicted 79.1 million passengers for the entirety of 2023.

"This is based on the strong recovery seen this summer continuing, alongside the flight schedule and slot utilisation stabilising, although we remain cautious in the face of a higher cost of living, the global economy remaining relatively subdued and the potential fallout from geopolitical events," the report said.

"We expect sustained growth in passenger numbers from the Asia-Pacific region now that borders have fully reopened."

Planes at Heathrow. If passenger number forecasts prove true, 2024 will be a record-breaking year for the airport. Bloomberg
Planes at Heathrow. If passenger number forecasts prove true, 2024 will be a record-breaking year for the airport. Bloomberg

Levelling off

The growth in passenger numbers is now seen as levelling off, following a period of soaring figures as the world emerged from the Covid pandemic.

While airports and airlines benefitted from a post-pandemic boom driven by people's desire to travel and fuelled by savings accumulated during lockdowns, demand is now levelling off.

For example, from December 2022 to November this year 78.3 million passengers came through Heathrow, a 30 per cent improvement on the same period a year before.

If Heathrow's prediction of 81.4 million passengers in 2024 proves correct, it would mark only a 3 per cent year-on-year increase. Nonetheless, that would be a record-breaking year, given that Heathrow's busiest was 2019, before the coronavirus pandemic, when passenger numbers reached 80.9 million.

A festive season surge in passenger traffic is expected, with Heathrow predicting that 6.5 million people will pass through the airport this month, which would be a 10 per cent increase on the December 2022 figure of 5.9 million.

Meanwhile, Advantage Travel Partnership, a network of independent UK travel agents, said its members have noted a 44 per cent leap in bookings for flights leaving between December 18 and 28, compared with the same period last year.

Earlier this week, Heathrow was ranked as the fifth most stressful airport in the world to travel through, in a survey that collated passenger numbers, airport size, passenger density per square metre, delays and distance from city centre.

Gatwick, another airport serving London, came top of the list compiled by the visa information website VisaGuide World.

According to the survey, half of the world's 10 most stressful airports are in Europe, with the other half in the United States.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

The struggle is on for active managers

David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.

The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.

Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.

Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.

Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.

At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn. 

Updated: December 15, 2023, 12:52 PM