“International is just unbelievably strong right now,” said United Airlines chief customer officer Andrew Nocella during a January conference call with analysts. “It is going to continue to lead the way for the coming years.” The constrained supply of widebody airframes and engines is a big a factor. That, along with torrid demand, means higher fares.

At Delta, transatlantic performance has been “really, really strong,” said president Glen Hauenstein, “not only advanced bookings, but close-in business travel.” Considering the fourth quarter is “off-peak,” he said the carrier’s transatlantic results were “unprecedented.”

BCD Travel’s Advito reported higher fourth-quarter business- and economy-class airfares from North America to every other region except Latin America. Business class fares to Europe were up 9 percent versus 2023.

Looking ahead, buyers are bracing for more travel cost inflation. In a GBTA January poll of 339 travel buyers, more than four in five identified rising travel costs as one of the “most significant” business travel issues this year.