Cost InflationPersistent cost inflation, including volatility in crude oil/jet fuel prices and rapid wage growth in the aviation sector, could lead to earnings disappointment.
Earnings ImpactPersistent cost inflation, sustained volatility in crude oil/jet fuel prices, rapid wage growth of employees in the aviation sector, and other cost pressures could lead to earnings disappointment.
Macroeconomic EnvironmentMacroeconomic weakness could curb discretionary spending on travel, with rising unemployment and higher cost of living leading to households cutting back on travel spending.