Key Takeaways:
- AAA is predicting 54.6 million people will travel this Thanksgiving by air, land, and sea.
- Airlines will likely be profitable from now through the end of the year.
- Amtrak is increasing routes for Thanksgiving. Although the numbers cannot match car and air travel, passengers will undoubtedly keep trains chugging along.
WISCONSIN (CoinChapter.com) — Winter is upon the US citizens already. New Yorkers can well attest to that!
The city of Buffalo got over five feet of snow in one storm. As a result, AAA predicts 48.7 million people will travel by car to visit their families and friends. Road travel for Thanksgiving Day is expected to be the third-busiest since 2000, according to the 120-year-old auto association.
Major Airlines Expecting To Book Profits Via Higher Fares
After driving, air travel is the popular way to travel for Thanksgiving. Major airlines are expecting an average of 5.5 million to 6.8 million passengers. In addition, higher fares will bring an extra 3% in profits. In 2022, airlines earned $76 billion from online sales compared to $63 billion three years ago.
Airlines are so confident in a post-pandemic recovery that they have hired the most full-time employees in 20 years. As a result, the busiest travel day will be Sunday, November 27th, when passengers head home.
The LAX airport expects 215,000 passengers from last Friday through Monday next week. With an average domestic airfare of $350, revenue passing through LAX will reach over $75 million.
Airlines are making money again as the year draws close, but demand has congested airports. As a result, on-time performance in the airline industry is fiercely competitive; to deal with that, carriers have been cutting routes to focus on reliability.
After a dismal start to the year, airline stock prices are going up. As a result, passenger counts are higher, and investors have been making money in the “Big Four.”
Most recent four-week stock gains are as follows:
Southwest: 16.15%
United: 12.22%
Delta: 7.22%
American: 4.38%
Amtrak Adding Routes To Accommodate Thanksgiving Travelers
Finally, let’s not forget about good old-fashioned train travel. Amtrak stated on its website that it would be increasing routes for Thanksgiving. Of course, most people drive to their destinations on holidays, but train and bus travel consists of 1.4 million travelers.
Amtrak has no stock price but wants to do well. It was founded in 1971 and never had a profitable year. Government subsidies have survived. People enjoy the relaxation and sightseeing of train travel.
