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BIA’s ‘Gold Route’ service achieves record growth and revenue milestones

Airport and Aviation Services (Sri Lanka) (Pvt) Limited (AASL), which launched the ‘Gold Route’ fast track service in August 2022 to provide a premium airport experience for passengers traveling through the Bandaranaike International Airport (BIA), has reported remarkable success generating a total income of over USD 400,000 (Over LKR 124 Million approx.) since its launch.

Service Uplift for High-End Travelers and Growth Potential

Since its inception in August 2022, the Gold Route service has served over 1,900 passengers who looked for luxury in their travel through Bandaranaike International Airport (BIA), and the total number of passengers using the Gold Route service is expected to exceed 2,500 by the end of 2024. The data reveals a clear upward trend in passenger movements, starting with a modest 165 in 2022, surging to 1,078 in 2023, and already recording over 600 movements in the first five months of 2024. This strong start to the year suggests the potential to surpass the previous year’s total by the end of 2024.

Following the global pandemic, there­ has been considerable growth and re­surgence in the travel industry in the world. According to many research conducted to explore the factors affecting luxury travel, increased affluence, rise of the millennial travel, the travelers’ desire for experiences, the growth of online platforms, travel to exotic destinations, etc. could be highlighted. Amadeus (2016) introduced the Hierarchy of luxury travel needs (LTNs) framework. It illustrates the luxury travel industry and defines the market motivations and service quality demands.  The seven travel needs illustrated in this framework are; Trusted Travel Guardian, Product Quality Standards, Service Level, Authentic Experience, Indulgent Experience, Exclusive Experience, and VIP Privacy and Security. Among these key elements, advice, service, security of information, convenience, 24/7 support, under ‘Trusted Travel Guardian’, Service Level, Authentic Experience avoiding mass travel audience, VIP Privacy, and Exclusivity have been the key factors for luxury travelers to choose BIA Gold Route Premium Service.

Revenue Growth and Financial Performance

The Gold Route service has also demonstrated significant revenue growth. Since its launch, the service has generated a total income of over USD  400,000 (Over LKR 124 Million approx.). The revenue continues to grow in 2024 and it has recorded over 30% growth in the first five months of 2024 in comparison with the year 2023 showcasing a robust upward trajectory.

Monthly trends indicate significant growth, with peaks in December and January, and a notable surge in late summer, particularly in August. These patterns are crucial for planning and resource allocation for the service uplift for the passengers who seek luxury in their journey. Further, the Gold Route service has served many high-end international travelers including top business professionals, entrepreneurs, celebrities, sportsmen, etc. fulfilling their unique needs.

Future Market Potential and Service Uplift

The Gold Route fast-track luxury service by AASL is a classic example of service innovation with minimum resource allocation tapping an untapped market potential. It continues to demonstrate remarkable growth in passenger numbers and financial performance. With clear upward trends and seasonal peaks, the service stands as a testament to AASL’s commitment to providing efficient and reliable services to passengers. As the service continues to expand, it promises to set new benchmarks in the industry, reinforcing Sri Lanka’s position as a key player in global aviation.

Meanwhile, the aviation industry in Sri Lanka has seen a significant increase in international passenger movements, with a growth of 29.42% from 2023 to the first five months of 2024. International aircraft movements have also increased by around 24.52% and Cargo movements have increased by around 28.29% during the same period.

Airport and Aviation Services (Sri Lanka) (Pvt) Limited remains dedicated to enhancing the passenger experience and anticipates continued success with the Gold Route fast-track service setting a classic example for service innovations and value addition for the industry.

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