Frequent Flyer: N6M Travel Intentions Step Up, US DOT Announces Modernization Effort of NAS, DAL CEO Talks Ticket Pricing

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Frequent Flyer: N6M Travel Intentions Step Up, US DOT Announces Modernization Effort of NAS, DAL CEO Talks Ticket Pricing

Update

June 30, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMAirlines | North America Ravi Shanker

Equity Analyst

Frequent Flyer: N6M Travel Ravi.Shanker@morganstanley.comMadison J Pasterchick +1 212 761-6350

Research Associate

Madison.Pasterchick@morganstanley.com +1 212 761-3787

Intentions Step Up, US DOT Nancy Hipp

Nancy.Hipp@morganstanley.com +1 212 761-1311

Announces Modernization

Airlines

North America

Industry View AttractiveEffort of NAS, DAL CEO Talks

Ticket Pricing

Our consumer survey showed a slight y/y increase in N6M travel

intentions with summer travel expectations also elevated, the

US DOT announced tech advancements with the National

Airspace System (NAS), and DAL's CEO shares ticket price

rationale.

Our regular AlphaWise consumer survey shows that travel intentions over the

next 6 months have increased this month. The latest Wave 77 of the survey

conducted, which ran from June 18 to June 22, found that ~63% of consumers are

planning to travel over the next six months, which is a healthy increase vs. the

~58% the last survey and 61% the same time last year. The AlphaWise forecast for

travel intentions is expected to stay elevated at 63%-64% in the following summer

months before taking a modest step down in September and October to 60% and

59%, respectively. Mid- and upper-income households continue to display higher

intentions to travel compared to lower income households, with 85% of consumers

from households with $150k+ income planning to travel in the N6M (a step up

vs. last survey at 80%); however, encouragingly, we did see a 2%-9% step up vs. last

survey in travel intentions across all other income ranges, thus continuing to