The terminal economy depends on experience.
FAA and ACI-NA data show U.S. airports reported approximately $13.2 billion in non-aeronautical operating revenue in FY2023. Parking, concessions, rental car, access, advertising, and other passenger-dependent sources create a direct reason to understand friction while travelers are still on site.
Friction is distributed.
A single passenger journey can cross authority teams, concessionaires, custodial contractors, parking, mobility providers, security, accessibility services, and airlines. Feedback that is not routed to the accountable operator becomes another delayed report.
Model the exposure
Annual passenger volume × non-aeronautical revenue per passenger × friction rate × recoverable share creates a practical hypothesis for revenue exposure. The purpose is not to promise a fixed return. It is to make the economics testable.