There appears to be an inconsistency between the size of price elasticities estimated for the air transport industry and those estimated for the overall travel and tourism industry. But there are two main explanations for this. Firstly, as the air travel component of the journey can be relatively easily substituted between airlines, routes, modes, etc, the price elasticity for the air travel price can be much higher than suggested by the price elasticity of the overall journey cost. Secondly, passengers (especially for short leisure journeys) can use a “two-stage” decision-making process, selecting a flight destination based on the level of air travel price offered and then considering the other costs associated with the journey. The appropriate value of a demand elasticity will vary in accordance to the context in which they are considered. For air transport there are five main levels (for the scope of the market) for which demand elasticities can be estimated