Ryanair saw its passenger numbers increase in the third quarter of last year, despite the current economic downturn.
Speaking today (February 2nd), the airline said it experienced traffic growth of 13 per cent.
Despite an increase in passengers, the airline, which offers regular flights to Spain, saw losses of 71 per cent due to the high cost of fuel.
Announcing the results, Ryanair chief executive Michael O'Leary said: "The general economic environment remains extremely difficult, as the recession saps consumer confidence, but this is proving to be good for Ryanair's traffic growth, as more and more passengers switch to Ryanair's lowest fare lowest cost model.
Holidays in Spain and other destinations are viewed as essential, it has been claimed.
Speaking to the Times, Peter Long, chief executive of TUI Travel, said that although the economic situation is serious, Brits are not in a hurry to sacrifice their holidays.
"Our customers regard their holiday as essential," he told the newspaper. "It is clear they don't wish to forgo their main holidays.