Budget airlines have become common, making a no-frills experience for travelers a core part of their business models.
Budget airlines in Europe include EasyJet , Ryanair and Wizz Air, while Asia is served by players such as AirAsia and IndiGo .
Some of South America's low budget airlines include JetSmart, GOL and Wingo.
Budget airlines try to keep a close eye on their operational costs by maximizing time spent in the air and passenger volume.
"You typically see pilot pay a little bit lower on Spirit and Frontier and some of the budget airlines compared to the full service airlines," Keyes said.
Persons:
Scott Keyes, Savanthi Syth, Raymond James, Keyes
Organizations:
Southwest Airlines, Spirit Airlines, Budget, EasyJet, Ryanair, Wizz, AirAsia, IndiGo, CNBC
Locations:
U.S, Europe, Asia, GOL, Wingo