Source: Bowen, J. (2004) “World-Shapers: The Geographical Implications of Several Influential Jet Aircraft”, paper presented at the 2004 Conference of the American Association of Geographers.
Average Airfare (roundtrip) between New York and London, 1946-2004 (in 2004 dollars)
Using a heavily traveled international air route, New York - London, as a frame of reference, it is clear that airfares have substantially declined, especially from the 1970s. During that decade, airfares declined by two thirds. They main reasons behind this decline are related to better and higher capacity aircrafts (especially the 747), general economic improvements (higher incomes) as well as the deregulation of the industry enabling higher competition and more flexibility for scheduling (from the 1980s). Thus, air travel shifted from being a mode available only for the wealthy to a mode affordable to the masses.