Traveling by airplane will continue to become more expensive: ING

Traveling by airplane is only going to become more expensive, ING Bank warned in a new report. The prices of airplane tickets already rose 15 percent higher than the inflation in Europe this year, the report added.

Airline companies are struggling with a shortage of planes, staff, and spare parts. As such, they cannot meet the growing demands. "Flag carriers such as Lufthansa and KLM (including Transavia) revised available seat capacity downward for the full-year 2024," the bank wrote.

The number of flights this year will probably surpass the level before the coronavirus pandemic. Still, due to continuous production issues at Boeing and problems with Pratt & Whitney engines, there are fewer planes available.

The Dutch bank's analysts said Airbus and Boeing have had a record number of orders, and the demand for second-hand airplanes is also rising. However, a shortage of qualified personnel is causing a delay in adapting or refurbishing old aircraft.

Passengers seem willing to pay more thus far. Worldwide, the fees will remain high, according to ING.