EZY has today closed the recruitment door and talk now is of reducing fleet size and headcount. Senior management have had their pay frozen. Hatches are being battened down.
ALL I can do is try to warn Wannabes about the storm that is approaching.
You say people will travel and they will. Maybe 90% of will travel in a recession. That leave 10% of airlines bust, hundreds of pilots out of work and all Wannabes as screwed as they were in the early 90's recession. Its really quite simple. Wannabes live and die at the margin of the industry. If the margin moves in slightly - they die.
Cirrus I am no economist but the underlying factors are completly different to any time before
You are right you are no economist. The underlying factors are exactly the same as before, namely, a rapid period of growth and lending leading to a house price bubble which stretches affordability far above the long term average. Which is where we are now with the average house costing 9 times the average income. Borrowing 5 times joint earnings means that 7% interest rates on mortgages feels just as bad as 15% interest rates did on 3.5 times single earnings in the last crash. This time the triggers may be slightly different, the underlying causes are not.
The airline industry is about to enter a major recession in Western markets. Get busy dealing with it and stop shooting the messenger.
I guess possible strategies involve training slowly, cheaply or not at all. Certainly do not rush into large debt and don't give up the day job is possible.
WWW