Growth in premium travel slowed in March, up just 1.9% year-on-year, compared to 4.1% in February, said IATA in its assessment report for premium and economy travel. Premium traffic volumes have declined over recent months, consistent with weakening demand drivers. A notable part of the slowdown is China, where business activity has been contracting since January.

''Premium travel within the Far East has suffered as a result, contracting 2.2% in March. Almost all routes saw a slowdown in March relative to the February year-on-year comparisons. But those connecting more buoyant economies like North America-Central, South American still grew robustly,'' it added.

''The premium travel outlook remains broadly positive, but prior improvements in demand are showing some reversal. April data shows business activity now growing at the slowest rate for 5 months, and world trade volumes declining. Advanced economies should support growth in premium travel, but downward pressure from some emerging markets is likely'' it said.