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Ryanair CEO Michael O’Leary says that his airline’s customers in Europe aren’t feeling good about the economy, and they’re buying fewer plane tickets as a result.
Reuters reports that O’Leary made the remarks about his outlook to a presentation for Ryanair investors. “It is a bit surprising that pricing hasn’t been stronger and we’re not quite sure whether that’s just consumer sentiment or recessionary feel around Europe but we still see peak travel demand certainly through July and August being strong,” he said, according to the outlet.
The carrier also presented earnings Monday. Dow Jones reports that it had €1.92 billion ($2.1 billion) in profits on €13.44 billion in revenue.
Recently, the United Kingdom did briefly slip into recession, but Bloomberg reports that it came back with its strongest quarter of growth since the COVID-19 pandemic. It is not clear which way the economy will go next.
The Wall Street Journal reports that the European Central Bank said last week that it was unlikely that the continent would slide into a recession, though it also said that “geopolitical risks continue to cloud the outlook for financial stability.”