DOT report: Falling average airfares continue at MEM
Wednesday, July 27, 2016
MEMPHIS, Tenn. (July 27, 2016) – Results from the Department of Transportation’s first quarter 2016 average airfare report show a familiar pattern of year-to-year falling airline ticket prices at Memphis International Airport (MEM). Data for the first quarter 2016 reflects the 14th consecutive quarter of year-over-year decline in fares.
The statistics were released this morning and reflected an average roundtrip airfare at MEM of $398.98 for the first three months in 2016. This fare represents a decrease of $44.06 compared to the first quarter of 2015, when MEM’s average airfare was $443.04.
The average airfare at MEM has dropped by more than $140 since its peak in 2012.
Scott Brockman, President and CEO of the Memphis-Shelby County Airport Authority, said “A huge part of the reinvention of the Memphis International Airport has been adding new carriers and introducing competition to key routes. These two factors have greatly impacted the average airfare here at MEM.
“Simply put, with lower airfares more people can afford to fly, and that’s reflected in our increased passenger numbers,” Brockman added. “We expect this trend to continue since the second- and third-quarter reports will include several new low-cost airline routes this year.”
Additionally, June 2016 was the 14th consecutive month of year-over-year local traffic growth for the airport. Local enplanements at MEM for the full fiscal year 2016 were up by more than 176,000 over the prior full fiscal year.
Additional information is available from the USDOT Bureau of Transportation Statistics.