Apple hasn't really touched the current MacBook Air design since its 2018 debut unless you count the addition of True Tone, but it might be close to a substantial update. A MacRumors source with a largely positive track record has claimed that a refreshed MacBook Air will launch sometime the week of March 16th. It's not certain what that tweak would entail, but it's safe to presume Apple would use the more reliable, better-feeling scissor switch keyboard it introduced with the 16-inch MacBook Pro.
With that said, there are a few other areas that could get updates. The CPU is the most obvious candidate -- 10th-generation low-power Core processors that would work in the Air have been available for a while. The speakers might get a boost as well. And there's little doubt that the memory and storage options are dated -- could Apple finally boost the Air's base storage beyond 128GB this year?
We'd take the rumor with a grain of salt. Don't plan your shopping around it. However, there might be data to back up the claims. Apple has delivered hardware updates in March for the past five years, and the coronavirus outbreak might not deter the company from breaking with its recent habits. Also, historically accurate Ming-Chi Kuo recently said he expected updated MacBook Air and MacBook Pro models in the second quarter of the year. It's a little early for that, but there's certainly some wiggle room.