Full article in PDF format: page 38-41 & cover
József Váradi, the founder and chief executive of Wizz Air, coined a new term for the aviation industry at last year's World Travel Market in London: "lazy low-cost".
His neologism drew a line between two types of low-cost carriers (LCCs): on the one hand, true LCCs that have an obsessive focus on cost-cutting and ancillary surcharges; on the other, "lazy" LCCs that allow legacy expenses to creep into their business models.
"Only Wizz and Ryanair are [true] low-cost," he told delegates at the industry conference. "The likes of EasyJet and Norwegian [Air Shuttle], we would call them 'lazy low-cost'."
Fast forward to this summer's World Low Cost Airlines Congress in London, and Váradi took to the stage in a more nuanced environment for the fast-paced LCC sector...