2015年-普华永道全球_2015_Global_Airline_CEO_Survey_Getting_clear_of_the_clouds_32页_1mb

Summary of the 2015 PwC Global Airline CEO Survey

Core Content

The 2015 PwC Global Airline CEO Survey provides insights into the strategic priorities, growth expectations, and challenges faced by airline CEOs worldwide. Conducted across 77 countries and involving 1,322 business leaders, the survey highlights the current state of confidence, risk management, and the role of technology and diversity in the airline industry.

Main Viewpoints

Confidence in Growth

• High Confidence: 62% of airline CEOs are 'very confident' about their company's revenue growth over the next 12 months, a significant increase from 29% in 2014 and higher than the 39% of CEOs across all sectors.
• Strategic Priorities: While confidence is high, airline CEOs are not prioritizing product or service innovation as much as they do external market growth strategies such as expanding capacity and increasing market share.
• Growth Drivers: Only 35% of airline CEOs rank product or service innovation as a top growth driver, with 66% and 50% respectively placing expanding capacity and increasing market share as the top two growth drivers.

Fuel Price Impact

• Fuel Cost Savings: Lower fuel prices have significantly improved airline profitability, with an estimated $86 billion less spent on fuel in 2015 compared to 2014.
• Shareholder Returns: 85% of airline CEOs expect lower fuel prices to impact shareholder returns, more than those expecting benefits from paying down debt or increasing capital investment.
• Fuel Hedging: Over 77% of airline CEOs remain concerned about high or volatile fuel prices, and more than twice as many expect to increase hedging than reduce it.

Strategic Priorities

• Cost Control: Cost control is the top strategic priority for 62% of airline CEOs, indicating a continued focus on financial discipline.
• Customer Service: 85% of airline CEOs plan to increase investment in customer service, recognizing its importance in differentiating their airlines in a competitive market.
• Network Planning: 50% of airline CEOs consider network planning as a strategic priority, showing the importance of optimizing routes and capacity.

Risks and Challenges

• Cybersecurity: Airline CEOs rate cybersecurity as a much higher risk than CEOs in other sectors, with 85% expressing concern compared to 61%.
• Exchange Rate Risk: Exchange rate volatility is now the top risk for airline CEOs, with 88% concerned. This is attributed to the strengthening of the US dollar and its impact on USD-denominated costs.
• Labour Costs: Rising labour costs are also a growing concern for airline CEOs.

Disruption and Innovation

• Disruption Levels: Airline CEOs perceive higher levels of disruption from competition, regulation, distribution channels, technology, and customer behaviour than CEOs in other sectors.
• Digital Technology: While there is recognition of the benefits of digital technology in customer-facing processes, its value in internal and supply chain operations is underestimated by airline CEOs.

Diversity and Inclusiveness

• Diversity Strategies: 84% of airline CEOs have a diversity and inclusiveness strategy in place or plan to adopt one, slightly higher than the 77% of all CEOs.
• Talent Mobility: With a tightening supply of skilled workers and rising wage pressures, global talent mobility programs are expected to play a more significant role in airline talent strategies.

Key Information

• Fuel Price Trends: Jet fuel prices dropped from around $125 per barrel in early 2014 to $63 per barrel in October 2015.
• Industry Outlook: The global airline industry is projected to grow at or above its long-term growth rate for three consecutive years, with 2014 seeing a 6% increase in passenger traffic.
• Profitability: IATA forecasts a $29.3 billion profit for the industry in 2015, with returns on capital exceeding the cost of capital for the first time since the 1990s.
• Investment Decisions: While lower fuel prices allow for cost savings, airline CEOs are cautious about how these savings are allocated, with a focus on shareholder returns over reinvestment.
• Regulation and Infrastructure: Over-regulation and inadequate airport infrastructure are significant concerns, with 38% of airline CEOs expressing 'extreme concern' about regulation.
• Digitalization: Despite the potential of digital technology to reduce costs and improve fleet utilization, its internal application is underutilized by airline CEOs.

Conclusion

The survey underscores the confidence of airline CEOs in the industry's growth prospects, driven by favorable fuel prices and strong long-term forecasts. However, it also highlights the need for careful management of risks, particularly cybersecurity and exchange rate volatility, and the importance of balancing short-term cost savings with long-term strategic investments. Digital technology and diversity strategies are emerging as critical areas for future development, though their internal application is still underexplored. Overall, the industry is moving toward a more disciplined and customer-focused approach, even as it faces ongoing challenges in regulation, infrastructure, and the sustainability of returns.