Around the world, low-cost airlines have entirely revolutionized air travel, allowing more and more people to take to the skies each year.

在世界各地，廉價航空公司徹底改變了航空旅行，每年讓越來越多的人飛上天空。

However, these airlines have begun to hit a bit of turbulence in recent years, with major U.S. carriers like Southwest, Spirit, and JetBlue suddenly facing issues.

然而，近年來這些航空公司開始遭遇一些動盪，西南航空、精神航空和捷藍航空等美國主要航空公司突然面臨問題。

Take Southwest, the pioneer of cheap air travel in the U.S., the country's largest domestic airline, and the world's fourth-largest carrier.

以西南航空為例，它是美國廉價航空旅行的先驅，也是美國最大的國內航空公司和世界第四大航空公司。

Their net income has struggled to recover from a post-pandemic slump.

它們的淨收入很難從疫情後的低迷中恢復過來。

In fact, things have become so bad that activist investor Elliott Management, who owns about 9.7% of the company, sent a letter to shareholders at the end of August demanding change, with them calling for the company's shareholders to sack both the chief executive and chairman.

事實上，情況已經變得如此糟糕，以至於持有該公司約 9.7% 股份的激進投資者埃利奧特管理公司（Elliott Management）於 8 月底致信股東，要求改變現狀，呼籲公司股東解僱首席執行官和董事長。

It's not just Southwest either.

也不僅僅是西南航空。

In fact, Southwest's modest $500 million in profit looks rather healthy compared to Spirit and JetBlue, both of whom have failed to even turn a profit since the pandemic.

事實上，與 Spirit 和 JetBlue 相比，西南航空 5 億美元的微薄利潤顯得相當健康，而這兩家公司自大流行病以來甚至都未能實現盈利。

So let's unpack the business of low-cost airlines, why they're struggling, and what they can do to get out of this tailspin.

讓我們來了解一下廉價航空公司的業務，它們為何舉步維艱，以及如何才能擺脫困境。

Before we start, if you haven't already, please consider subscribing to TLDR Business for more videos about everything from the economics of air travel, or how Ryanair took over Europe, to the prospect of Google being broken up, or why Starbucks are in trouble.

在我們開始之前，如果你還沒有訂閱，請考慮訂閱 TLDR Business，以獲取更多有關航空旅行經濟學、瑞安航空如何佔領歐洲、谷歌解體前景或星巴克為何陷入困境的影片。

So let's start with what makes a low-cost airline a low-cost airline, and how the economics really works here.

讓我們先來看看是什麼讓廉價航空公司成為廉價航空公司，以及這裡的經濟學究竟是如何運作的。

Well, obviously, low-cost airlines, or LCAs, offer a cheap, no-frills experience.

很顯然，廉價航空公司（LCA）提供的是一種廉價的、不加任何裝飾的體驗。

Their prices undercut full-service airlines, at least in part because they offer less service, from reduced meal service, inferior customer experience, or less luxury.

它們的價格低於提供全面服務的航空公司，至少部分原因是它們提供的服務較少，包括減少膳食服務、客戶體驗較差或不夠豪華。

Now many of these things are still offered by LCAs, but at an additional cost, from speedy boarding fees, to upcharge meals, or extra baggage allowance.

長期合作航空公司仍提供許多此類服務，但需要支付額外費用，包括快速登機費、額外餐費或額外行李額。

They're all available, but for a price.

它們都可以用，但要付出代價。

Now, LCAs also save money by simplifying operations, often operating an entire fleet of identical aircraft in order to reduce maintenance and on point-to-point routes, rather than complex hub-and-spoke networks, with those point-to-point routes often dumping passengers at less expensive, but less desirable, secondary airports.

現在，LCA 還通過簡化營運來節省開支，通常營運整個機隊的相同飛機，以減少維護，並營運點對點航線，而不是複雜的樞紐輻射網絡，這些點對點航線通常將乘客傾倒在成本較低但不太理想的二級機場。

It's a pretty simple business model then, right?

這是個非常簡單的商業模式，對嗎？

A standardised, minimised service, aimed at prioritising price and utility, rather than luxury and comfort.

標準化、最小化的服務，旨在優先考慮價格和實用性，而不是豪華和舒適。

So why are these airlines beginning to face headwinds?

那麼，為什麼這些航空公司開始面臨困境呢？

Well, the most obvious explanation is an increase in costs for LCAs.

那麼，最明顯的解釋就是 LCA 的成本增加了。

That's because since Covid, finding pilots, flight attendants, and other key staff has become increasingly difficult, with many deciding to take early retirement, as well as the pandemic reducing the number of pilots entering the industry in the first place.

這是因為自疫情以來，尋找飛行員、空服人員和其他關鍵員工變得越來越困難，許多人決定提前退休，而疫情也減少了最初進入該行業的飛行員人數。

Now, that's made life hard for all airlines, but it's especially tough for LCAs, who have historically offered lower wages to staff members, making it more difficult for them to attract and retain staff during this period of low supply.

現在，這讓所有航空公司的日子都不好過，但對低成本航空公司來說尤其艱難，因為它們歷來給員工的工資較低，這讓它們在這個低供應時期更難吸引和留住員工。

And it's not just the airlines that are struggling with staff shortages either.

面臨人員短缺問題的也不僅僅是航空公司。

Major aircraft manufacturers, Boeing and Airbus, have both faced major delays in delivering new aircraft, partly due to staffing problems in their factories,

大型飛機制造商波音公司和空中客車公司在交付新飛機方面都面臨著重大延誤，部分原因是其工廠的人員配置問題，

partly due to the major and ongoing supply chain disruption around the world,

部分原因是全球正在發生的重大供應鏈中斷，

and partly because Boeing has an annoying habit of exploding the doors off their planes, something we actually discuss in another TLDR business video.

還有部分原因是波音公司有一個惱人的習慣，就是飛機的艙門會爆炸，我們將在另一個 TLDR 商業影片中討論這個問題。

Anyway, this has significantly delayed the expansion plans for some low-cost airlines, something that's especially impactful given that LCAs tend to rely on newer, fuel-efficient aircraft in order to keep these fuel costs low.

總之，這大大延後了一些廉價航空公司的擴張計劃，尤其是考慮到廉價航空公司為了降低燃油成本，往往依賴於更新、更省油的飛機，這對它們的影響尤其大。

Speaking of which, fuel prices have also hit LCAs harder than most.

說到這一點，油價對 LCA 的打擊也比大多數人更大。

Due to their scale and business model, LCAs tend to operate on thinner margins than legacy airlines, meaning that even minor changes can massively eat into profitability.

由於其規模和業務模式，長期虧損航空公司的利潤率往往低於傳統航空公司，這意味著即使是微小的變化也會嚴重影響盈利能力。

Not only that, but in some instances, larger carriers can implement sophisticated fuel hedging strategies in order to limit the impact of price rises, something that many smaller budget carriers are yet to fully implement, making them far more at risk of price spikes.

不僅如此，在某些情況下，大型承運商可以實施複雜的燃油對沖策略，以限制價格上漲的影響，而許多小型廉價承運商尚未完全實施這種策略，這就使他們面臨更大的價格飆升風險。

And inflation more generally has also been hitting LCAs hard.

更普遍的通貨膨脹也對地方合作機構造成了沉重打擊。

The cost of maintenance, parts, and airport fees have risen for all airlines in recent years, but LCAs are particularly at risk when it comes to these changes, in part due to their razor-thin margins, but also because their customer base is just less likely to swallow these increased ticket prices.

近年來，所有航空公司的維修、零件和機場費用都在上漲，但低成本航空公司尤其面臨這些變化的風險，部分原因是它們的利潤微薄，另一個原因是它們的客戶群不太可能承受機票價格的上漲。

Speaking of customers, LCAs also tend to focus on leisure customers, with business travellers generally preferring the reliability, scale, comfort, and loyalty programs offered by the legacy carriers.

說到客戶，長期合作航空公司也傾向於以休閒客戶為主，商務旅客一般更喜歡傳統航空公司提供的可靠性、規模、舒適度和忠誠度計劃。

Now to be fair, focusing on business customers isn't exactly the ideal business model either, especially since the pandemic, where many businesses have cut travel costs after discovering the joys of shouting, your mic is on mute over zoom.

平心而論，專注於商業客戶也不是理想的商業模式，尤其是自大流行病以來，許多企業在發現了大喊大叫的樂趣後，紛紛削減了差旅費用。

But leisure travellers aren't exactly a cash cow right now either.

但休閒旅客現在也不是搖錢樹。

In this increasingly insecure economic environment, cash-strapped consumers are choosing to avoid big discretionary costs like holidays and air travel.

在經濟環境日益不安全的情況下，手頭拮据的消費者選擇避免節假日和航空旅行等大額消費。

Not only that, but those leisure travellers who are still flying have different expectations in 2023.

不僅如此，那些仍在乘坐飛機的休閒旅客對 2023 年也有不同的期待。

People clearly still love those low prices, but consumers are also beginning to demand more of LCAs, with a growing segment of the market beginning to demand convenience, comfort, and flexibility.

顯然，人們仍然喜歡低廉的價格，但消費者也開始對 LCA 提出更高的要求，越來越多的市場開始需要便利性、舒適性和靈活性。

Now some of these conveniences and comforts can be paid for as extras on LCAs, but others you just can't.

現在，這些便利和舒適中的一些可以在長期合作協議中作為額外費用支付，但另一些則無法支付。

And regardless, once you start stacking these costs on top of the initial prices of flights, things begin to look a lot less low cost.

無論如何，一旦你開始把這些費用疊加到最初的班機價格之上，事情就開始變得不那麼便宜了。

As such, some of these former LCA customers are beginning to choose full-service competitors instead.

其中一些前 LCA 客戶開始轉而選擇提供全面服務的競爭對手。

Speaking of which, the legacy carriers are also becoming more serious competition for LCAs more generally.

說到這一點，傳統航空公司也正在成為 LCA 更為重要的競爭者。

These carriers have known for years that the LCAs are snapping at their heels.

這些航空公司多年來一直知道，LCA 正在搶佔它們的市場。

So, faced with this competition, the full-service airlines have begun to offer more stripped-back, no-frills economy offerings too.

面對這種競爭，提供全套服務的航空公司也開始提供更加簡潔、無附加費用的經濟艙產品。

These often aren't quite as cheap as true LCAs, but many passengers are choosing the very basic economy options in place of LCAs, allowing them to secure a cheap price, but maintain the benefits provided by LCA's huge global networks and loyalty programs.

這些班機往往不如真正的 LCA 便宜，但許多乘客都選擇了最基本的經濟艙來代替 LCA，這樣既能獲得便宜的價格，又能保持 LCA 龐大的全球網絡和忠誠度計劃所提供的優惠。

Now we might have focused a lot on the US market thus far, but the same factors are also true in Europe and around the world.

到目前為止，我們可能主要關注的是美國市場，但同樣的因素也存在於歐洲和世界各地。

In fact, the European market is even more crowded than in North America, making competition even harder, especially for smaller and upstart carriers.

事實上，歐洲市場比北美市場更加擁擠，使得競爭更加困難，尤其是對於規模較小的新興運營商而言。

Add to that, Europe is a lot more densely populated and better connected, giving travellers, especially those who are more environmentally conscious, other, often better options.

此外，歐洲人口更稠密，交通更便利，為旅客，尤其是那些環保意識較強的旅客，提供了其他通常更好的選擇。

Now, LCAs will be hoping that some of the wider market issues begin to turn in their direction in the years ahead, but they're also going to need to adapt to better cater to their customers' needs.

現在，LCA 希望在未來的幾年裡，一些更廣泛的市場問題開始朝著它們的方向轉變，但它們也需要進行調整，以更好地滿足客戶的需求。

Because while a cheap initial price tag remains important, discerning and increasingly picky travellers are looking for true value before choosing to take to the air once again.

因為儘管最初的低廉價格依然重要，但眼光獨到、日益挑剔的旅客在再次選擇乘坐飛機之前，都在尋找真正的價值。

Fans of TLDR, like you, care about understanding the world around them, and that's where today's sponsor Imprint comes into play.

TLDR 的粉絲們和你們一樣，關心如何瞭解周圍的世界，而這正是今天的贊助商 Imprint 發揮作用的地方。

Because if you care about building a life of learning, then Imprint is the app for you.

因為，如果你關心學習生活，那麼 Imprint 就是適合你的應用程式。

It's a brand new way to learn, built from the ground up.

這是一種全新的學習方式，從基礎做起。

And seriously, unless you've used the app before, you likely haven't experienced anything like this.

說真的，除非你以前用過這個應用程序，否則你很可能沒有經歷過這樣的事情。

That's because Imprint is beautifully illustrated and animated, creating a highly visual, bite-sized, and interactive learning experience.

這是因為 Imprint 配有精美的插圖和動畫，創造了一種高度可視化、一口式和互動式的學習體驗。

It's the perfect antidote to a world where social media tries to keep us mindlessly dopamine scrolling day in, day out.

在社交媒體日復一日地讓我們無意識地滾動多巴胺的世界裡，它是一劑完美的解毒劑。

Their library includes courses on topics like psychology, history, philosophy, finance, productivity, and many more, as well as quick reads you can consume in a single sitting.

他們的資料庫包括心理學、歷史、哲學、金融、生產力等主題的課程，以及你可以一口氣讀完的快速讀物。

In fact, I've been using the Essential Philosophy Theories and Thinkers course, and it's been an excellent way to brush up on some knowledge from college that I genuinely thought was lost.

事實上，我一直在使用 "哲學理論與思想家精要 "課程，這是我重溫大學時代一些知識的絕佳方式，我真的以為這些知識已經丟失了。

And with all the developments happening these days, from elections to AI to geopolitical tensions, it's been helpful to revisit some of the world's greatest thinkers.

如今，從大選到 AI ，再到地緣政治緊張局勢，各種事態發展層出不窮，重溫一些世界上最偉大的思想家的思想對我們很有幫助。

So make yourself feel better about your screen time, build a real habit of learning every day, and join the millions of people using Imprint.

請讓自己對螢幕時間感覺好一些，養成每天學習的真正習慣，並加入使用 Imprint 的數百萬人的行列。

If you use the link in the description, the first 200 people will get 20% off an annual plan.

如果你使用說明欄中的連結，前 200 名用戶可享受年度計劃八折優惠。

Plus, they'll know you came from us.

而且，他們會知道你來自我們這裡。