If planing to fly over spring break book now. "Already elevated ticket prices are going to climb as people get into the busy travel season, given that demand continues to outstrip capacity". "Hayley Berg, lead economist at travel app Hopper, told FOX Business that demand has already driven airfares on average 10% to 30% higher compared to pre-pandemic times, and it doesn't appear to be letting up either". The average price is 270 dollars per ticket, 20 percent higher than last year and 5 percent higher than pre covid averages.
This price boost is especially effecting the most popular spring break destinations like Panama City, Mexico, and Europe. "For instance, Europe is up about 15% compared from 2022, though that's far below areas such as the Caribbean, Mexico and Central America, which are up about 60% versus last year and about 30% versus 2019". Prices are expected to continue to rise and it is estimated that by June the average price for a domestic flight will be around 350 dollars. Experts say that prices will likely continue to rise until more low-cost carriers enter the market or there is a drop in the high jet-fuel prices. If you are looking to travel be sure to try and book far ahead of your trip.
https://www.foxbusiness.com/lifestyle/traveling-spring-break-book-now-hopper
What is interesting is that the expected average peak of $350 for a domestic flight is the highest it's been in the past five summers, barring 2022 when prices notched an average of $400; and yet consumers, still being mentally-affected by the pandemic are booking flights closer to departure dates rather than further in advance, even though this would likely give them a better rate.
ReplyDeleteI think this comes as no suprise especially after everyone is loosening up after the pandemic and willing to spend money and travel. I was planning on traveling somewhere but because of the prices I wasn't able to. Hopefully in the future they'll go back down to normal.
ReplyDeleteIt is interesting to see the steady increase of ticket prices as time goes on, it really does make you question when more low-cost carriers will try to get involved and what impact they can have on prices.
ReplyDeleteI guess that's the way Demand and Supply works for the airline industry. being an international student, we roughly travel on four popular dates to come into the US or go out of the US. Airlines knows that and tickets are always expensive for the same routes especially on those occasion.
ReplyDelete