Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Airlines - UK - July 2013

“Significant volume growth is unlikely in the key UK outbound leisure travel segment until there is a sustained revival in consumer confidence and growth in household income. Even then growth rates are likely to be modest compared with the pre-recessionary boom years. In the domestic market, outside of the dominant self-drive segment, there is an underlying shift towards domestic rail, which has become more competitive on cost and time with air travel, as well as offering businesses a greener and more CSR-friendly alternative.”

– John Worthington, Senior Analyst

Some questions answered in this report include:

  • How can airlines respond in an era of high costs?
  • Is the UK falling out of love with budget airlines?
  • How can airlines best target the increasingly important over-55 population?
  • What is the best response to green ‘flying guilt’?

The volume of passengers uplifted at UK airports increased marginally in 2012. However, within that overall story are concealed a number of different narratives: the rising volume and market share of budget airlines, the falling share of full-service flights, the sharp falls seen in domestic air travel and overseas charter flights.
Airlines are struggling to adapt to a ‘new normal’ of volatile fuel prices, uncertainty over airport infrastructure development, subdued demand for leisure and business travel and fickle consumers for whom online price comparison is now second nature.

This report analyses market trends, leading airline brands and innovations, and detailed consumer analysis including who flies, where, why, what type of flight and how often; what influences people to select a particular airline; potential loyalty incentives; how long people are prepared to travel on a budget flight; and attitudes towards flying. 

Definition:

A low-cost/no-frills airline (or LCC – Low-cost Carrier) is one that offers low fares by eliminating many traditional passenger services (eg free food on board). Examples include easyJet and Ryanair. This type of airline contrasts with full-service airlines which do offer such services, but charge higher fares (for example British Airways).

A charter airline is one on which seats are usually sold as part of a package holiday but any left over can be sold off to passengers booking independently. Examples include Thomson Airways and Thomas Cook Airlines. This contrasts with scheduled airlines where flights run to a set timetable with seats bought individually by passengers. This category encompasses both full-service and low-cost/no-frills airlines (so, for example, both British Airways and easyJet are scheduled airlines).
An adult, for the purposes of Mintel’s research, is anyone aged 16 or over.

The standard travel and tourism definitions used in the terminology of this report are as follows:

  • tourism is any travel, which involves an overnight stay away from home.
  • a holiday is a subjectively defined form of tourism, as defined by the tourist in response to surveys such as IPS or GBTS. A holiday can be distinguished from other leisure travel such as visits to friends and relatives (VFR) or shopping trips.
  • a long holiday is a holiday of four nights or more away from home; a short break is a holiday that involves one to three nights away from home.
  • short-haul refers to air holidays within Europe, dominated by flights to Mediterranean resorts but including the Canary Islands, which are treated as a part of the Spanish market. Long-haul, therefore, refers to holidays outside Europe.
  • an inclusive tour, or package holiday, is defined as the simultaneous sale of at least two elements of a holiday to the traveller: fares on public transport (eg flights) and commercial accommodation (eg hotel or self-catering apartment). Other elements, such as meals or excursions, are not essential to the definition of an inclusive tour. The term ‘all-inclusive’ is used to describe a special type of resort holiday in which food, drink, excursions and other services are provided as part of the total holiday cost.
  • an independent holiday is one in which the traveller organises and books transport and accommodation from separate sources (eg a Channel ferry crossing and a caravan site in France).
  • seat- or flight-only is a type of independent holiday, and the terms are used to denote holidays in which travellers only purchase a return fare and thereafter book their own accommodation, car hire etc.

EU Europe (15) destinations refer to the member countries in the European Union prior to the accession of ten further countries in 2004. The EU 15 destinations are: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and the UK.

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Introduction

      • Definition
        • Abbreviations
        • Executive Summary

            • The market
              • Slow growth pattern likely to continue
                • Figure 1: Volume forecast of total passengers uplifted at UK airports, 2008-18
              • Budget shift
                • Market factors
                  • Spain and France remain favourite destinations
                    • Figure 2: Most popular overseas travel destinations for UK residents, 2012
                  • Domestic air losing out to rail
                    • Figure 3: Passenger traffic, by UK airport, 2012
                  • Short-term pressure easing but long-term hikes likely
                    • Figure 4: Kerosene-type jet fuel monthly average spot price and US$:£ monthly average spot exchange rate, January 2007-March 2013
                  • Companies, brands and innovation
                    • easyJet grows through recession
                      • Figure 5: Top ten UK-based airlines, by passengers uplifted globally, 2012
                    • Expansion plans
                      • Flexible flying
                        • Domestic long-haul
                          • New pricing models
                            • The consumer
                              • Half of consumers fly on holiday
                                • Figure 6: Purpose of flights taken over the past 12 months, April 2013
                              • Two thirds of flyers go once or twice a year
                                • Figure 7: Number of times flown in the last 12 months, April 2013
                              • Six in ten fly low-cost
                                • Figure 8: Destination regions, types of airline and classes of travel flown in the last 12 months, April 2013
                              • Price must be right but flyers over 45 look beyond the fare
                                • Figure 9: Important factors in choosing an airline, April 2013
                              • Upgrades, seating choice and free flights top loyalty incentives
                                • Figure 10: Likely incentives for choosing a particular airline regularly, April 2013
                              • Low appetite for low-cost, long-haul
                                • Figure 11: Length of time people are prepared to spend travelling by budget airline, April 2013
                              • Consumers critical of hidden charges
                                • Figure 12: Agreement with attitudes towards air travel, April 2013
                              • What we think
                              • Issues in the Market

                                  • How can airlines respond in an era of high costs?
                                    • Is the UK falling out of love with budget airlines?
                                      • How can airlines best target the increasingly important over-55 population?
                                        • What is the best response to green ‘flying guilt’?
                                        • Trend Application

                                            • Trend: Edutainment
                                              • Trend: Secret Secret
                                                • Mintel Futures: Access Anything, Anywhere
                                                • Market Drivers

                                                  • Key points
                                                    • Outbound travel stays flat
                                                      • Figure 13: Visits abroad by UK residents, 2007-12
                                                      • Figure 14: Overseas journeys (all purposes), by region, 2007-12
                                                      • Figure 15: Most popular overseas travel destinations for UK residents, 2007-12
                                                    • Air travel holds market share but tunnel competition grows
                                                      • Figure 16: All overseas visits by air, sea and tunnel – volume, 2007-12
                                                      • Figure 17: Percentage share of all overseas visits, by travel mode, 2007-12
                                                    • Rise of domestic rail
                                                      • Figure 18: Main method of transport used for overnight trips in Great Britain, 2010-12
                                                    • Stansted aims to reverse decline under new ownership
                                                      • Figure 19: Passengers uplifted, by airport, 2007-12
                                                    • Airports Commission considering options
                                                      • Taxing affairs
                                                        • Figure 20: Air Passenger Duty, April 2013
                                                      • Oil prices ease but long-term trends likely to be upwards
                                                        • Figure 21: Kerosene-type jet fuel monthly average spot price and US$:£ monthly average spot exchange rate, January 2007-March 2013
                                                      • Airport charging regime set to improve
                                                        • Ancillary revenue champs
                                                          • Stealth charges risk reputation damage
                                                            • Carbon trading awaits global solution
                                                              • Sterling weakness adds to airline pressures
                                                                • Figure 22: Annual average exchange rates for Sterling against other currencies, 2008-13
                                                            • Who’s Innovating?

                                                              • Key points
                                                                • Weighty matters
                                                                  • Upgrade auctions
                                                                    • Variable pricing
                                                                      • Knowing me, knowing you
                                                                        • Frills and no-frills
                                                                          • Flying flirts
                                                                            • High-speed internet in the skies
                                                                              • Sustainable meals
                                                                              • Market Size and Forecast

                                                                                • Key points
                                                                                  • Air travel showing slight pick-up
                                                                                    • Figure 23: Passengers uplifted at UK airports, 2007-12
                                                                                  • Long-term slowdown in growth rates
                                                                                    • Forecast
                                                                                      • Figure 24: Volume forecast of total passengers uplifted at UK airports, 2008-18
                                                                                      • Figure 25: Volume forecast of international passengers uplifted at UK airports, 2008-18
                                                                                      • Figure 26: Volume forecast of domestic passengers uplifted at UK airports, 2008-18
                                                                                    • Forecast methodology
                                                                                    • Segment Performance

                                                                                      • Key points
                                                                                        • VFR flights showing strongest recovery
                                                                                          • Figure 27: Volume of UK residents’ air trips abroad, by purpose, 2007-12
                                                                                          • Figure 28: Volume of UK residents’ air trips abroad, by purpose, % breakdown, 2007-12
                                                                                        • Charter flight share shows five years of decline
                                                                                          • Figure 29: Passengers uplifted at UK airports, scheduled vs. non-scheduled flights, 2007-12
                                                                                        • Low-cost volumes up 56% in past five years
                                                                                          • Figure 30: Total passengers uplifted worldwide by UK airlines, low-cost* and full-service**, 2007-12
                                                                                      • Market Share

                                                                                        • Key points
                                                                                          • easyJet shows 68% global growth since 2007
                                                                                            • Figure 31: Top ten UK-based airlines, by passengers uplifted globally, 2007-12
                                                                                          • BA bounce-back
                                                                                            • Jet2 jets ahead
                                                                                              • Ryanair UK passenger decline
                                                                                                • Low-cost expansion planes
                                                                                                  • Figure 32: Number of active aircraft, by airline, 2011 and 2012
                                                                                                • Dreams finally come true for long-haul
                                                                                                • Companies and Products

                                                                                                    • Ryanair
                                                                                                        • Figure 33: Key financials for Ryanair, 2012 and 2013
                                                                                                      • easyJet
                                                                                                          • Figure 34: Key financials for easyJet Plc, 2011 and 2012
                                                                                                        • British Airways
                                                                                                            • Figure 35: Key financials for IAG – British Airways (British Airways), 2011 and 2012
                                                                                                          • Thomson Airways
                                                                                                            • Figure 36: Key financials for TUI PLC, 2011 and 2012
                                                                                                          • Thomas Cook Airlines
                                                                                                              • Figure 37: Key financials for Thomas Cook Group Plc – UK & Ireland, India and Middle East segment, 2011 and 2012
                                                                                                            • Flybe
                                                                                                                • Figure 38: Key financials for Flybe, 2012 and 2013
                                                                                                              • Monarch Airlines
                                                                                                                  • Figure 39: Key financials for Monarch Holding ltd, 2011 and 2012
                                                                                                                • Virgin Atlantic
                                                                                                                    • Figure 40: Key financials for Virgin Atlantic Airways Ltd, 2011 and 2012
                                                                                                                  • Jet2.com
                                                                                                                      • Figure 41: Key financials for Dart Group PLC (Jet Group), 2011 and 2012
                                                                                                                  • Brand Research

                                                                                                                    • Brand map
                                                                                                                        • Figure 42: Attitudes towards and usage of brands in the airlines sector, April 2013
                                                                                                                      • Correspondence analysis
                                                                                                                        • Brand attitudes
                                                                                                                          • Figure 43: Attitudes, by airlines brand, April 2013
                                                                                                                        • Brand personality
                                                                                                                          • Figure 44: Airlines brand personality – macro image, April 2013
                                                                                                                          • Figure 45: Airlines brand personality – micro image, April 2013
                                                                                                                        • Brand experience
                                                                                                                          • Figure 46: Airlines brand usage, April 2013
                                                                                                                          • Figure 47: Satisfaction with various airlines brands, April 2013
                                                                                                                          • Figure 48: Consideration of airlines brands, April 2013
                                                                                                                          • Figure 49: Consumer perceptions of current airlines brand performance, April 2013
                                                                                                                          • Figure 50: Airlines brand recommendation – Net Promoter Score, April 2013
                                                                                                                        • Brand index
                                                                                                                          • Figure 51: Airlines brand index, April 2013
                                                                                                                          • Figure 52: Airlines brand index vs. recommendation, April 2013
                                                                                                                        • Target group analysis
                                                                                                                          • Figure 53: Target groups, April 2013
                                                                                                                          • Figure 54: Airlines brand usage, by target groups, April 2013
                                                                                                                        • Group One – Conformists
                                                                                                                          • Group Two – Simply the Best
                                                                                                                            • Group Three – Shelf Stalkers
                                                                                                                              • Group Four – Habitual Shoppers
                                                                                                                                • Group Five – Individualists
                                                                                                                                • Who Flies And Why?

                                                                                                                                  • Key points
                                                                                                                                    • Just over half of adults fly
                                                                                                                                      • Figure 55: Purpose of flights taken over the past 12 months, April 2013
                                                                                                                                    • VFR Londoners
                                                                                                                                    • Frequency of Flying

                                                                                                                                      • Key points
                                                                                                                                        • Two thirds of flyers take one or two annual trips
                                                                                                                                          • Figure 56: Number of times flown in the last 12 months, April 2013
                                                                                                                                        • ‘Three-plus’ flyer profile
                                                                                                                                            • Figure 57: Number of times flown in the last 12 months, by purpose of flights taken over the past 12 months, April 2013
                                                                                                                                        • Type of Flights Taken

                                                                                                                                          • Key points
                                                                                                                                            • Flyers over 55 favour long-haul
                                                                                                                                              • Figure 58: Destination regions, types of airline and classes of travel flown in the last 12 months, April 2013
                                                                                                                                            • Budget vs full-service demographics
                                                                                                                                              • One in 20 flyers travel first/business class
                                                                                                                                              • Important Influences on Airline Choice

                                                                                                                                                • Key points
                                                                                                                                                  • Price dominates for all but secondary factors key for over-45s
                                                                                                                                                    • Figure 59: Important factors in choosing an airline, April 2013
                                                                                                                                                  • Frequent flyer factors
                                                                                                                                                    • Figure 60: Important factors in choosing an airline, all flyers versus those who took four or more flights, April 2013
                                                                                                                                                  • Long-haul far less commoditised
                                                                                                                                                    • Business flyers look for more eco-efficient airlines
                                                                                                                                                    • Potential Airline Loyalty Incentives

                                                                                                                                                      • Key points
                                                                                                                                                          • Figure 61: Likely incentives for choosing a particular airline regularly, April 2013
                                                                                                                                                        • Seating, upgrades and free flights most popular incentives
                                                                                                                                                          • Red carpet treatment for frequent flyers
                                                                                                                                                            • Figure 62: Likely incentives for choosing a particular airline regularly, all flyers versus those who took four or more flights, April 2013
                                                                                                                                                        • How Long Are Travellers Prepared to Spend on a Budget Flight?

                                                                                                                                                          • Key points
                                                                                                                                                            • Budget flight tolerance falls off rapidly after four hours
                                                                                                                                                              • Figure 63: Length of time people are prepared to spend travelling by budget airline, April 2013
                                                                                                                                                          • Attitudes Towards Flying

                                                                                                                                                            • Key points
                                                                                                                                                              • Public scepticism over budget pricing
                                                                                                                                                                • Figure 64: Attitudes towards air travel, April 2013
                                                                                                                                                              • Low-cost enthusiasts
                                                                                                                                                                • Tasting luxury
                                                                                                                                                                  • Frequent flyers are most disgruntled
                                                                                                                                                                    • Flying back into the past
                                                                                                                                                                      • Family flyers put off by rising fares
                                                                                                                                                                        • Flying smart
                                                                                                                                                                        • Targeting Opportunities

                                                                                                                                                                          • Key points
                                                                                                                                                                              • Figure 65: Airline target groups, April 2013
                                                                                                                                                                            • High Maintenance
                                                                                                                                                                              • Demographic profile
                                                                                                                                                                                • Marketing message
                                                                                                                                                                                  • Annual Aviators
                                                                                                                                                                                    • Demographic profile
                                                                                                                                                                                      • Marketing message
                                                                                                                                                                                        • Budget Babes
                                                                                                                                                                                          • Demographic profile
                                                                                                                                                                                            • Marketing message
                                                                                                                                                                                              • Fed Up Of Flying
                                                                                                                                                                                                • Demographic profile
                                                                                                                                                                                                  • Marketing message
                                                                                                                                                                                                  • Appendix – Market Size and Forecast

                                                                                                                                                                                                      • Figure 66: Forecasts for total passengers uplifted at UK airports, 2013-18
                                                                                                                                                                                                      • Figure 67: Forecasts for international passengers uplifted at UK airports, 2013-18
                                                                                                                                                                                                      • Figure 68: Forecasts for domestic passengers uplifted at UK airports, 2013-18
                                                                                                                                                                                                  • Appendix – Brand Research

                                                                                                                                                                                                      • Figure 69: Brand usage, April 2013
                                                                                                                                                                                                      • Figure 70: Brand commitment, April 2013
                                                                                                                                                                                                      • Figure 71: Brand momentum, April 2013
                                                                                                                                                                                                      • Figure 72: Brand diversity, April 2013
                                                                                                                                                                                                      • Figure 73: Brand satisfaction, April 2013
                                                                                                                                                                                                      • Figure 74: Brand recommendation, April 2013
                                                                                                                                                                                                      • Figure 75: Brand attitude, April 2013
                                                                                                                                                                                                      • Figure 76: Brand image – macro image, April 2013
                                                                                                                                                                                                      • Figure 77: Brand image – micro image, April 2013
                                                                                                                                                                                                      • Figure 78: Profile of target groups, by demographics, April 2013
                                                                                                                                                                                                      • Figure 79: Psychographic segmentation, by target groups, April 2013
                                                                                                                                                                                                      • Figure 80: Brand usage, by target groups, April 2013
                                                                                                                                                                                                    • Brand index
                                                                                                                                                                                                      • Figure 81: Brand index, April 2013
                                                                                                                                                                                                  • Appendix – Who Flies And Why?

                                                                                                                                                                                                      • Figure 82: Purpose of flights taken over the past 12 months, by demographics, April 2013
                                                                                                                                                                                                  • Appendix – Frequency of Flying

                                                                                                                                                                                                      • Figure 83: Number of times flown in the last 12 months, by purpose of flights taken over the past 12 months, April 2013
                                                                                                                                                                                                      • Figure 84: Number of times flown in the last 12 months, by demographics, April 2013
                                                                                                                                                                                                  • Appendix – Type of Flights Taken

                                                                                                                                                                                                      • Figure 85: Destination regions, types of airline and classes of travel flown in the last 12 months, by number of times flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 86: Destination regions, types of airline and classes of travel flown in the last 12 months, by purpose of flights taken over the past 12 months, April 2013
                                                                                                                                                                                                      • Figure 87: Destination regions of travel flown in the last 12 months, by demographics, April 2013
                                                                                                                                                                                                      • Figure 88: Types of airline of travel flown in the last 12 months, by demographics, April 2013
                                                                                                                                                                                                      • Figure 89: Classes of travel flown in the last 12 months, by demographics, April 2013
                                                                                                                                                                                                  • Appendix – Important Influences on Airline Choice

                                                                                                                                                                                                      • Figure 90: Important factors in choosing an airline, by destination regions of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 91: Important factors in choosing an airline, by types of airline of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 92: Important factors in choosing an airline, by classes of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 93: Important factors in choosing an airline, by number of times flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 94: Important factors in choosing an airline, by purpose of flights taken over the past 12 months, April 2013
                                                                                                                                                                                                      • Figure 95: Most popular important factors in choosing an airline, by demographics, April 2013
                                                                                                                                                                                                      • Figure 96: Next most popular important factors in choosing an airline, by demographics, April 2013
                                                                                                                                                                                                      • Figure 97: Other important factors in choosing an airline, by demographics, April 2013
                                                                                                                                                                                                  • Appendix – Potential Airline Loyalty Incentives

                                                                                                                                                                                                      • Figure 98: Likely incentives for choosing a particular airline regularly, by destination regions of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 99: Likely incentives for choosing a particular airline regularly, by types of airline of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 100: Likely incentives for choosing a particular airline regularly, by classes of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 101: Likely incentives for choosing a particular airline regularly, by number of times flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 102: Likely incentives for choosing a particular airline regularly, by purpose of flights taken over the past 12 months, April 2013
                                                                                                                                                                                                      • Figure 103: Most popular likely incentives for choosing a particular airline regularly, by demographics, April 2013
                                                                                                                                                                                                      • Figure 104: Next most popular likely incentives for choosing a particular airline regularly, by demographics, April 2013
                                                                                                                                                                                                      • Figure 105: Other likely incentives for choosing a particular airline regularly, by demographics, April 2013
                                                                                                                                                                                                  • Appendix – How Long Are Travellers Prepared to Spend on A Budget Flight?

                                                                                                                                                                                                      • Figure 106: Most popular length of time people are prepared to spend travelling by budget airline, by demographics, April 2013
                                                                                                                                                                                                      • Figure 107: Next most popular length of time people are prepared to spend travelling by budget airline, by demographics, April 2013
                                                                                                                                                                                                  • Appendix – Attitudes Towards Flying

                                                                                                                                                                                                      • Figure 108: Agreement with attitudes towards air travel, by destination regions of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 109: Agreement with attitudes towards air travel, by types of airline of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 110: Agreement with attitudes towards air travel, by classes of travel flown in the last 12 months, April 2013
                                                                                                                                                                                                      • Figure 111: Agreement with attitudes towards air travel, by purpose of flights taken over the past 12 months, April 2013
                                                                                                                                                                                                      • Figure 112: Agreement with attitudes towards flying, by demographics, April 2013
                                                                                                                                                                                                      • Figure 113: Further agreement with attitudes towards flying, by demographics, April 2013
                                                                                                                                                                                                      • Figure 114: Agreement with other attitudes towards flying, by demographics, April 2013
                                                                                                                                                                                                  • Appendix – Targeting Opportunities

                                                                                                                                                                                                      • Figure 115: Purpose of flights taken over the past 12 months, by target groups, April 2013
                                                                                                                                                                                                      • Figure 116: Number of times flown in the last 12 months, by target groups, April 2013
                                                                                                                                                                                                      • Figure 117: Destination regions, types of airline and classes of travel flown in the last 12 months, by target groups, April 2013
                                                                                                                                                                                                      • Figure 118: Important factors in choosing an airline, by target groups, April 2013
                                                                                                                                                                                                      • Figure 119: Likely incentives for choosing a particular airline regularly, by target groups, April 2013
                                                                                                                                                                                                      • Figure 120: Length of time people are prepared to spend travelling by budget airline, by target groups, April 2013
                                                                                                                                                                                                      • Figure 121: Attitudes towards air travel (any agree), by target groups, April 2013
                                                                                                                                                                                                      • Figure 122: Target groups, by demographics, April 2013

                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                  • Aer Lingus Group Plc
                                                                                                                                                                                                  • AMR Corporation (American Airlines)
                                                                                                                                                                                                  • Archers Direct
                                                                                                                                                                                                  • Avro plc
                                                                                                                                                                                                  • British Airways Plc
                                                                                                                                                                                                  • British Midland Airways Ltd
                                                                                                                                                                                                  • Cathay Pacific Airways Limited
                                                                                                                                                                                                  • Civil Aviation Authority
                                                                                                                                                                                                  • Cosmos Group (Globus group of companies)
                                                                                                                                                                                                  • Dart Group PLC
                                                                                                                                                                                                  • Delta Air Lines, Inc.
                                                                                                                                                                                                  • Finnair Oyj
                                                                                                                                                                                                  • FlyBE
                                                                                                                                                                                                  • Iberia, Líneas Aéreas de España SA
                                                                                                                                                                                                  • Japan Airlines Corporation [JAL]
                                                                                                                                                                                                  • Jersey European Airways (UK) Ltd.
                                                                                                                                                                                                  • Jet2Holidays Ltd
                                                                                                                                                                                                  • Lan Airlines S.A.
                                                                                                                                                                                                  • London Stock Exchange plc
                                                                                                                                                                                                  • Monarch Airlines
                                                                                                                                                                                                  • Monarch Travel Group
                                                                                                                                                                                                  • MyTravel Group plc
                                                                                                                                                                                                  • Qantas Airways Limited
                                                                                                                                                                                                  • Ryanair Holdings plc
                                                                                                                                                                                                  • Singapore Airlines Ltd
                                                                                                                                                                                                  • Thomas Cook Airlines
                                                                                                                                                                                                  • Thomas Cook Group PLC
                                                                                                                                                                                                  • Thomson Holidays
                                                                                                                                                                                                  • TUI Travel PLC
                                                                                                                                                                                                  • Virgin Atlantic Airways Limited
                                                                                                                                                                                                  • Vivienne Westwood Ltd

                                                                                                                                                                                                  Airlines - UK - July 2013

                                                                                                                                                                                                  US $2,648.76 (Excl.Tax)