“Demand remains strong, supported by a secular shift in consumer behavior,” said Ed Bastian, CEO of Delta Air Lines, speaking on a third quarter earnings call. He said demand has held despite a 20% year-over-year increase in ticket prices.

Sales in the quarter, said Joe Esposito,  chief commercial officer, “were strong across all sectors, cabins, hubs and entities, with each growing [by] double-digit [percentages] over last year.” The week after Labor Day, he said, “was the highest corporate sales week in our history, underscoring the strength of business travel.”

Corporate demand, said Esposito, has been “very resilient,” and “there are no cracks in it as we go into the future. The economy is very strong; business wants to travel.” 

According to Bastian, “The top 40% of US households, which make up the majority of Delta’s customer base, are nearly $40 trillion wealthier than they were just a few years ago, and increasingly prioritizing experiences, including travel.” He continued, “At the same time, air travel remains one of the best values in the consumer economy, with airfares still well below cumulative inflation over the last several years. That demand is evident across leisure and business travel, and across all cabins.”

Delta reported third-quarter passenger revenue of $15.5 billion, up 15% year over year. Total revenue was $20.2 billion, an increase of 21%, on flat capacity. Net income was $756 million, down from the $1.4 billion reported a year prior. 

Premium passenger revenue in the quarter  was $6.8 billion, up 18% year over year, while main cabin revenue increased 12% to $6.8 billion. All regions reported year-over-year growth in passenger revenue, led by domestic at 16% to $10.6 billion. 

Esposito said that premium capacity grew 6%-7% year over year for the quarter, with load factors up almost two points and fares going up as well.