October 24 is the day on which US passed the Airline Deregulation Act and this year it is celebrating its 40th anniversary.
Airlines of America (A4A) – the industry organization that represents the leading airlines in US is celebrating this historical day, wherein doors were opened for innovation, competition and consumer choice to grow in the field of traveling and shipping.
The then President of United States Jimmy Carter signed the Airline Deregulation Act into law. This meant that the government will no longer interfere on ticket pricing, domestic routes and competition for new carriers as it used to.
Speaking on this landmark day A4A President and CEO Nick Calio said – forty years ago a new era was started which promised to give more choice to consumers at reasonable prices along with providing values to them.
Thanks to the competition that, the airfares have come down to a historic low. Just to give an example, the Bureau of Transportation and Statistics made the announcement that average domestic airfare stood at $349 in the second quarter of 2018.
It is because of this low fares that more people are able to travel by air. It is worth noting here that forty percent of all those who are travelling by air have family income less than $50,000. The next 58% of the air travelers are earning less than $75,000.
There was a time when only a handful of rich people were able to travel by air. Now, in 2017, almost 90% of American have traveled by air at least once in their lifetime.
This is something that need to take note of, said Calio.
A record number of Americans are flying these days. To put it in numbers, more than 2.3 million people travel by air daily in US and more than 55,000 tons of cargo is shipped to 800 airports spread across 80 countries.
Along with this, thousands of jobs are being created by aviation companies. The US aviation industry accounts for nearly five percent of the gross domestic product of the country.