Airlines struggle to turn profits amidst record travel demand due to overcapacity, competition, and high costs.

Despite record travel demand, airlines struggle to turn profits due to overcapacity, unrelenting competition, and unexpectedly high costs, amidst a challenging business environment with expensive fuel, maintenance, and labor. Despite IATA's prediction of record-breaking passenger numbers in 2024, airlines like Southwest and American face declining seat-mile revenue, highlighting the industry's continuous challenges.