Ryanair: recession good for business
08.10.08
Michael O’Leary, Ryanair's outspoken chief executive, delivered a buoyant economic forecast yesterday in the face of the global financial crisis. He insisted that the credit crunch was ‘good for business’ and said his airline would reap the benefits of the financial gloom.
He said: ‘We are not just looking at a recession but a depression. We are really looking at four or five years of recessionary economics and that’s great for Ryanair’s business. People are down-trading. Everyone will be wanting to trade down now.'
'We have a great economic outlook, the great thing about flying is that people will never stop. They have got to go to weddings or stag parties, they have to go home for Christmas, they need to fly to work.'
‘In the past, in recessions, more and more people started to trade down and that’s exactly what’s going to happen in the next few years. If you can’t make money in this business you’d be a fool.’
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