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Biz News Korea(Eng)
S. Korea’s Asiana Airlines to raise domestic fares by 5%
- Collected
- 2017.03.22
- Distributed
- 2017.03.23
- Source
- Go Direct
Asiana Airlines announced Tuesday that the one-way ticket for weekdays from Gimpo in Seoul to the southern island of Jeju will be increased to 86,000 won ($76.51) from the current 82,000 won and for weekends to 100,000 won from 95,000. Busy season fares will also be raised from 107,000 won to 113,000 won.
The fare hike is expected to have a sweeping impact as the Gimpo-Jeju routes are popular during weekends and holiday seasons with the airline booking rate exceeding 90%. The decision for rate hike is aimed at shoring up its profitability amid fierce competition against low-cost carriers (LCC) which are thriving and poised for further growth.
According to government data revealed early this year, LCCs dominated the country’s domestic routes with a total 56.6 percent market share as of November last year, elbowing out Asiana Airlines and the country’s largest full-service carrier Korean Air Lines Co. whose combined share stood at 43.4 percent.
The nation’s five budget carriers - Jeju Air Co., Jin Air Co., Air Busan Co., Eastar Jet Co. and Tway Air Co.- have already raised domestic fares by 5 to 11 percent or announced plans for fare hikes. Korean Air Lines is also reported to be mulling rate hikes for domestic routes.
Asiana Airlines’s new fares will be applied starting Apr. 18th and tickets to be issued by Apr. 17th can be purchased at the current prices, the company said.
By Kim Jung-hwan
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]