European Transportation: Monthly Aviation Demand Tracker: July 2026

Research evidence excerpt

European Transportation: Monthly Aviation Demand Tracker: July 2026

Equity Research

22 July 2026

European Transportation

Monthly Aviation Demand Tracker:

July 2026

UK card spending still negative, but trend clearly European Transportation

improving. App usage steady, web traffic weak. June NEUTRAL

achieved short-haul fares suggest a K-shaped recovery, with European Transportation

Andrew Lobbenberg

full service carriers far outperforming LCCs. N Atlantic +44 (0)20 3555 0639

economy fares very strong in June. S Atlantic recovers andrew.lobbenberg@barclays.com

Barclays, UK

strongly from weak May. Rahul Singh

+91 (0)22 6175 2529

Airline spend inflects for the better from early June, with YoY spend still declining but at a rahul.xb.singh@barclays.com

slowing pace: Barclays proprietary card data (UK Spend Trends 2.0) suggest that, over the 28 Barclays, UK

days through 03 July 2026, UK consumer spending on airlines declined by -4.0% YoY. While this Marco Limite

remains a negative, the data is supporting the trend reversal first observed in our June +39 (0)2 6372 2582

edition. We think the strong messaging from the industry over fuel availability and the initial, marco.limite@barclays.com

though since failed, peace settlement in Iran, together saw consumer confidence evolve for the BBI, Milan

better. Spending on travel agencies and tour operators remains stronger than that on airlines, Pierre Rousseau

although we remain cautious in assessing this data point. We suspect changes in the make-up of +33 (0)1 4458 3377

the group may distort the travel agency data. pierre.rousseau@barclays.com

BBI, Paris

The inflection from weakness and improving trend is broad-based across age groups,

though the youngest cohorts continue to lag older travellers.