European Transportation: Monthly Aviation Demand Tracker: June 2026

Research evidence excerpt

European Transportation: Monthly Aviation Demand Tracker: June 2026

Equity Research

24 June 2026

European Transportation

Monthly Aviation Demand Tracker:

June 2026

UK card spending still negative, but trend clearly inflects for European Transportation

better. App usage steady, web traffic weak. May short-haul NEUTRAL

fares strong up YoY across LCCs and flags, but forward fare European Transportation

Andrew Lobbenberg

curves soften. N Atlantic economy fares strongly up in May +44 (0)20 3555 0639

but S Atlantic clearly weaker. andrew.lobbenberg@barclays.com

Barclays, UK

Rahul Singh

Airline spend inflects for the better from early June showing signs of stabilisation, though

+91 (0)22 6175 2529

still declining YoY: Barclays proprietary card data (UK Spend Trends 2.0) suggest that over the rahul.xb.singh@barclays.com

28 days through 12 June 2026, UK consumer spending on airlines declined by -11.1% YoY. While Barclays, UK

this remains a weak outturn, the data indicates an inflection in the declining trend observed

Marco Limite

since the start of the year, which accelerated with the Iran conflict. We think the strong +39 (0)2 6372 2582

messaging from the industry over fuel availability and the potential peace settlement in Iran, marco.limite@barclays.com

which led to falling oil prices, may see consumer confidence evolve for the better. Spending on BBI, Milan

travel agencies and tour operators remains stronger than that on airlines, although we remain

Pierre Rousseau

cautious in assessing this datapoint. Average transaction prices for this spending category falls, +33 (0)1 4458 3377

which we think may reflect changes in the make-up of the group, with the addition of pierre.rousseau@barclays.com

further local transportation vendors. BBI, Paris