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For most of 2022, we've been writing articles warning about the summer price hike for airfare, trying tohighlight deals where we find them and help travelers navigate the chaos of flying. But, like some hopeful experts predicted earlier this year, there seems to finally be some respite from the sky high prices. According to a report by the New York Times, flights really are getting cheaper.
Flight prices actually began their downward trend in the late spring. Overall, airfare costs fell 1.8% between May to June, one of the only consumer costs to lower as inflation overall reached a record-setting 9.1%. Then, between June to July, fares fell by 7.8%. The NYT attributes the dramatic drop of jet fuel prices to the significantly lower ticket prices, coupled with the close of the summer travel rush.
Even the higher prices of airfare throughout the year didn't discourage travel—the rising trend of revenge travel meant that people were committed to flying no matter what it costs. That gave airlines additional leverage to raise prices.
Hopper released a report earlier in 2022 predicting that fares would decrease by the end of July—and, according to CNBC, the average cost of domestic roundtrip flights dropped from $413 in May down to $375 by July 14. In August, the average round-trip fare is predicted to drop to $286.
So far, airlines have had to balance the customer demand for traveling with the companies' own capabilities with handling a high volume of passengers. Nearly every major US airline has cut a significant number of flights from their schedules, in order to adapt to shortages of workers and massive delays at airports.
With these reduced schedules, and the ongoing inflation, it's not likely that fares are going to go too much lower than the July price drop this year. With fewer flights on the schedule, there may still be higher prices to make up for airlines not reaching full capacity.
If and when demand dies this year, airlines won't be in as much of a position to charge more for tickets. "Right now people just have money to burn," Adam Thompson, founder of consulting firm Lagniappe Aviation, told CNBC."Once people no longer have money to burn, you have to convince them they want to buy your product."
All that being said, don't expect everything about flying to return to normal anytime in 2022. Airline executives predict that we won't return to pre-pandemic versions of flying until Summer 2023.
FAQs
According to the American Express Global Business Travel Air Monitor 2024 report, prices on certain international routes may drop as much as 12%. Here's how AmEx GBT anticipates average economy airfares will change in 2024 versus 2023, for a sampling of regions: South America to North America: Drop by 11.9%.
Why are flights getting cheaper? ›
“The single biggest factor for why we see cheap flights is competition,” says Nastro. “We want (budget) carriers in the mix because it actually places downward pressure on the legacy carriers” and keeps prices down. Airline mergers could affect that, meaning less competition and, potentially, higher fares.
When should you buy plane tickets? ›
The Expedia study found that the sweet spot is 28 to 35 days before departure while the Google study found prices bottomed out 44 days before departure. However, both studies agree that you don't want to wait until the last minute. Book at least 21 days before departure.
Should I wait to book my flight? ›
"Expect to book one to two months in advance." For international trips, the window is a bit larger. You should start monitoring six to seven months prior to the trip and book it three to five months in advance.
What is the cheapest day to book flights? ›
The price of your flight depends on a variety of factors, not just the day you book it and the day you fly out. However, data from Expedia's 2024 Air Travel Hacks Report shows that consumers can save money by booking on Sundays and flying out on Thursdays.
Are flights really cheaper on Tuesday? ›
You may not get cheaper airfare by booking on a specific day, but when you plan on flying can affect the price of the ticket. Generally, Mondays and Fridays are more expensive than Tuesdays, Wednesdays and Thursdays. Keyes says this is mainly because business travelers tend to avoid traveling in the middle of the week.
Are flights going to be cheaper in 2024? ›
Some experts predict airfares to international destinations will drop even lower in 2024. According to the American Express Global Business Travel Air Monitor 2024 report, prices on certain international routes may drop as much as 12%.
What is the best day of the week to book a flight? ›
The best day of the week to book a flight
Research suggests that the day you choose to book a flight affects how much you pay for it. According to Expedia's 2023 Air Travel Hacks Report, booking on a Sunday may save you up to 5% on the total cost of domestic flights and up to 15% on international flights.
What time do flight prices drop on Tuesday? ›
Do Flight Prices Go Down on Tuesday? The myth has been going around for years, but the truth is that flight prices don't go down on Tuesdays. To be fair, they did at one point in time, and savvy travelers could score a great deal late on a Tuesday night.
What is the cheapest month to fly? ›
Is there a cheapest month to fly? If you're looking for a bargain month to travel, January is best. Flights in February are a close second for being most affordable. At the other end of the spectrum, November and July are the first and second most expensive months to travel, on average.
The majority of passengers prefer to travel during the day, which leads to multiple vacant seats for midnight flights. To fill out those vacant seats, the airline has no choice but to reduce the prices. Different flight options - You will get multiple flight options during the night for short and long-duration flights.
What month do plane tickets go down? ›
Book a summer trip. Expedia data shows that August is the cheapest warm-weather month to fly, with average ticket prices nearly 10% lower compared with July. Tickets are also cheaper in August than during the December rush. For the lowest fares on domestic flights, travel in January or February.
How far out should I buy plane tickets? ›
The jury is out on this one. According to a 2023 study by CheapAir.com, on average, the best time to purchase plane tickets for a domestic trip is between 164 and 46 days before your departure. But according to Expedia's 2024 Air Travel Hacks report, the sweet spot is 28 days before your domestic flight.
How to get cheap flight tickets? ›
A: In order to get cheapest air tickets, you should ideally book the tickets 2-3 weeks before the actual date of journey for domestic travel and for international travel, you should book the tickets 4-5 months before the journey to get cheap flight tickets.
Should I wait until Tuesday to book flight? ›
If you're looking for the best deal on airfare, don't wait until Tuesday. The idea that cheaper seats can be booked when the clock strikes midnight Monday night is just a myth, according to travel app Hopper. That advice is a relic of a former time, says Hayley Berg, Hopper's lead economist.
Why is airfare so high right now? ›
Moreover, the hiring process of new talents and the lack of experienced staff in the aviation industry post-pandemic are worsening the shortage problem. With high demand for travel and a low supply of seating capacity, flight ticket prices are higher than in pre-pandemic times.
Do flight prices go down at night? ›
The majority of passengers prefer to travel during the day, which leads to multiple vacant seats for midnight flights. To fill out those vacant seats, the airline has no choice but to reduce the prices. Different flight options - You will get multiple flight options during the night for short and long-duration flights.
Do flight prices go up as it gets closer? ›
Put simply, these are the points in time where the airlines almost always bump up the prices of your flight. The closer you get to your flight date, the higher the price you'll pay.
