In the United States, legacy carriers like United Airlines, Delta Air Lines, and American Airlines have invested so heavily in the development and expansion of their loyalty programs that they have now become larger and more important revenue-generating assets than the airlines themselves. United Airlines is typically looked at as the case study when it comes to this discussion, as the airline indicated that the loyalty program was worth more than the entire company during filings for financial assistance from the government during the COVID-19 pandemic.
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