麦肯锡：中国航空公司如何为即将到来的动荡做好准备（英文版）(12页).pdf

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1、October 2019 How Chinese airlines can brace for impending turbulence How Chinese airlines can brace for impending turbulence 1 Chinese airlines have grown rapidly. From 2009 to 2018, demand grew at 14 percent year-on-year,1 fuelled by strong domes- tic travel and outbound tourism that came with the

2、growing Chinese middle class. By 2018, China was the worlds second-largest domestic market and largest outbound tour- ism market. Over this period, the “Big Three” carriersAir China, China Eastern, and China Southernmanaged the single largest ca- pacity addition ever seen, all while improving safety

3、 and customer experience. Despite a favorable regulatory environment, Chinese airlines did not return the cost of capital for this expansion. In fact, from 2009 to the end of 2018, they accumulated $29 billion in economic losses. The Big Three contributed almost all of these losses (Exhibit 1). Look

4、ing ahead, its only going to become more difficult for the airlines to succeed: ca- pacity growth is on track to outpace natural demand growth, and impending regulatory changes will increase competition domesti- cally and globally. To manage these pressures, Chinese carriers should take five actions

5、: improve productivity and closely monitor costs, pursue ancillary (non-ticket) revenue opportunities, differ- entiate their products, secure spots in main hubs and increase the number of connecting flights they offer, and consolidate. By acting now, incumbent Chinese airlines can brace themselves f

6、or the coming turbulence. How Chinese airlines can brace for impending turbulence The coming years could prove challenging for Chinese airlines, which are already battling economic losses. They should focus on five opportunities. Steve Saxon, Qiao Xie, Zhi Wei Sok, and Zi Chen 1As measured by revenu