LISBON, Oct 25 (Reuters) - The worldwide surge in
inflation is a boon for Ryanair's growth, the budget
airline group's Chief Executive Officer Michael O'Leary told a
news conference in Lisbon on Tuesday.
Countries across Europe have been grappling with soaring
prices brought on by factors such as Russia's invasion of
Ukraine, global supply shortages, and the COVID-19 pandemic.
"We think recession, price inflation is very good for our
growth," O'Leary said, explaining that in crises, passengers do
not stop flying completely, but rather become more
price-sensitive and opt for cheaper airlines like Ryanair.
"We see that continuing," the CEO said.
Some European airlines have recently said demand for travel
was holding up, calming worries that pressure on household
budgets could stall aviation's recovery from the pandemic.
On Oct. 13, O'Leary said the sustained demand appeared to be
supported by savings built up during the pandemic.
However, he then sounded a note of caution over how long
that could endure, as he expected customers' disposable income
to get hit by higher interest rates and cost of living further
into the northern hemisphere winter.
(Reporting by Catarina Demony, Writing by David Latona; Editing
by Andrei Khalip and Mark Potter)