For what reason are air tickets so pricey at the moment?
In recent years, many passengers have noticed that flight prices have steadily increased. As a means of escape from the post-pandemic world, air travel has become increasingly popular, but at a steeply increased price. Flight delays, cancellations, and a shortage of airline staff have all been plaguing travelers in addition to the price increases. Whence, then, the current exorbitant prices of air travel? What's more, how do we avoid it?
To shed light on the current state of airline pricing and offer suggestions for cutting costs in the future, I consulted three professionals in the field. I did some research on how to get the most out of your money, including tips for saving money on airfare and credit card rewards programs.
Check out our travel advice if you're looking for more ways to cut costs on your next trip, and make sure to install the Krazy Coupon Lady app so you can be notified whenever a good travel deal pops up.
Expenses can be attributed to high demand, labor shortages, and the rising price of jet fuel.
Fred Baker, the senior travel editor at Travelness, has identified several factors contributing to the current high cost of air travel. It's because of the geopolitical tensions in the Middle East, he explained, that fuel prices have been increasing. The price of jet fuel, a significant cost for airlines, has risen as a result. (Drivers have also likely noticed that rising gas prices have resulted in higher fuel costs.) )
In addition, he said, "airlines are facing higher operating costs due to things like maintenance and labor." The rising popularity of air travel has not been met by an increase in available seats. Because of the rise in demand, airlines can increase fares without worrying about losing customers, as Baker put it.
Following the COVID-19 quarantine and restrictions, it is understandable that people would like to resume their previous travel plans.
Connectedly, see what you can do to save cash at the gas station by consulting our list of tips and tricks.
There has been as much as a 47% increase in the cost of flying within the United States.
Large airlines' (like Southwest, Delta, United, and American) average fare increases from 2021 to 2022 amount to 47 percent. Flights were over 65% less expensive before the coronavirus pandemic.
Domestic airfare increased by 27% in April 2022, and this May marks the fourth consecutive month of price hikes, as reported by Fox Business. Since then, tourists have donated over 8 billion on vacations this summer There appears to be no relief in sight from these astronomical price spikes, which can easily run into the thousands of dollars, just in time for the upcoming holiday season.
"According to the Federal Reserve Bank of St. Louis, airline ticket prices have increased by 25% nationwide since mid-2021.2" Liam Hunt, a writer and analyst at SophisticatedInvestor.com, attributed the turnaround to St. Louis. But airfares in Australia have risen 56% just since April. There hasn't been an increase this steep in airline ticket prices in over ten years," he said.
Flights around Thanksgiving are up 22% from before the pandemic, and flights around Christmas are up nearly 33%.
What I found when I looked into Thanksgiving flights from 2019 to the present day was shocking. In 2019, airfare discounts in November averaged over 20%. Hopper, a booking website, found that the average domestic airfare for Thanksgiving trips was around $350, while the average international round-trip airfare was closer to 5. When compared to 2019 prices, this is a 22% increase for airfare.
CNBC also predicted that this year's holiday season would see the highest airfares in five years. Holiday round-trip domestic tickets are $463, a 32% increase from 2019, while international round-trip tickets are $1,300, a 26% increase.
In 2022, you can find Thanksgiving flights for as little as $350 and as much as $415.
Prices for plane tickets almost always increase around Thanksgiving and Christmas, two of the busiest travel times of the year.
Hunt investigated a schedule of flights that would take off on the Wednesday before Thanksgiving and return on the Sunday after. According to his research, a round trip ticket on Spirit Airlines from New York to Los Angeles costs $416 without any additional fees for checked or carry-on luggage. The cheapest round-trip flight without a carry-on item from New York to Chicago was $349 with United Airlines. Keep in mind that there will be an additional charge for any bags you bring along.
You can still save money on your Thanksgiving flight if you're flexible with your itinerary. Examples include the fact that flights on Thanksgiving Day tend to be less expensive than those on either side of the holiday. While this may be an issue for some, it may end up saving the budget significant amounts of money.
Fall is typically a time when flight prices decrease.
Early in 2022, during the winter months, flights were at their lowest prices. After the 2021 New Year's celebrations concluded, fewer people took to the roads in January and February. In the spring, airfares began to rise. Though they went up in the summer, fall is typically when we see a price drop.
Hopper claims that airfares are already beginning to decline, albeit marginally. According to a prediction made by Hopper in an article published in April 2022, domestic airfare will drop during the fall shoulder season. An encouraging trend is the falling cost of airfare, but don't count on saving hundreds of dollars just yet.
Pre-booking your flight will get you the best price.
If possible, you should book your flight four weeks in advance. (It's best to schedule it as far in advance as possible, but four weeks will do in a pinch.) )
Hopper claims that the conventional wisdom that certain days and times are preferable for booking flights is outdated. The rule of thumb is to schedule your flight as far in advance as possible. Keep an eye on the cost of the flights you're interested in, and make your purchase at the earliest opportunity.
When looking for the best airfare deals, look no further than Tuesdays and Wednesdays.
The Points Guy claims that the most cost-effective days to travel are in the middle of the week, on Tuesdays and Wednesdays. Since most people only fly on the weekends for fun and only fly for work on weekdays, Tuesdays and Wednesdays typically have lower demand than the weekend, making flights cheaper.
Google found that the best time to book a flight was Tuesday because midweek flights were significantly less expensive than weekend ones. The report explains that, "on average, flights that depart on Monday, Tuesday, or Wednesday have been 12% cheaper than weekend departures." The potential savings increases to 20% if international destinations are disregarded. ”
Since most leisure travelers leave for trips on Thursdays or Fridays and return on Sundays, I discovered that Saturday tends to be the cheapest weekend day to travel.
See also: Cheapest Time to Fly Every Carrier
If you want to save money on airfare, consider taking a morning or evening flight and traveling with as little as possible.
Baker suggests several strategies for cutting costs on air travel.
First, if you can, be adaptable with your actual departure and arrival times. It's cheaper to fly during the week than on the weekend, and off-peak times (e.g., early morning or late at night) are typically less expensive than peak times," he explained. For those with jobs, this could be an inconvenience, but rearranging their schedules for just one day could yield significant benefits.
Choosing budget airlines and bringing only a carry-on bag's worth of clothes and toiletries can also help you save money on airfare. Depending on the airline you choose, you could save as much as $50 by doing this.
To cut costs, consider flying into a hub airport rather than one that is closer to your destination and then taking a bus or other public transportation to the rest of your destination.
Utilize airline credit cards to amass points and benefits
Signing up for a credit card offered by an airline is a great way to save money for future travel by earning points that can be applied toward the cost of tickets.
The Chase Sapphire Preferred Card and the American Express Platinum Card are two of the best travel rewards credit cards. You can use the rewards from either of these credit cards to book flights with any airline. The Chase Sapphire Preferred Card provides its cardholders with a $50 annual hotel credit in addition to up to $300 in statement credits as reimbursement for travel purchases made with the card each card anniversary year. Plus, you'll earn five times as many points on all of your vacation buys. There is an annual fee of , but if you travel frequently, the card will more than pay for itself.
What is the best credit card to get? Where you call home makes a difference.
Even more so, Hunt chimes in, saying, "Which travel credit card you should buy depends on where you typically fly from, as each major airport serves as a hub for different national airlines." Delta Airlines has great service throughout the Midwest, and the AMEX Platinum is the best credit card to use because it grants you access to the SkyClub. In the cities of Phoenix, Miami, Charlotte, and Dallas, Citi for American Airlines is the card I recommend using. However, those in Chicago and Houston should get a Chase card for United, while those in Hawaii should get a Barclays World Elite Mastercard to earn points on Hawaiian Airlines. ”
Use the benefits offered by these credit cards to your advantage. The value of these incentives frequently exceeds 5%.
Forrest McCall, a renowned authority on personal finance, notes that "many credit card issuers offer lucrative rewards when you redeem your points for travel." "Not only can you get more bang for your buck when redeeming credit card points for travel, but many cards also offer additional rewards that are only redeemable on travel purchases." Even if it's only 1%-2%, it can add up when you're spending hundreds or thousands. ”
Most people can find a cheap flight on Southwest or Allegiant.According to Baker, Southwest Airlines and Allegiant Air.
"Southwest Airlines is a fantastic choice for domestic travel because of their affordable prices and extensive service network." If you're looking to save money and don't mind departing from a smaller airport, Allegiant Air is a great option. Their flights are frequently less expensive than those of major airlines, but their schedules are more fickle, so it's important to plan ahead. ”
Frontier offers cheaper flights than most airlines and occasionally offers insanely good Frontier deals, but the airline does impose additional fees for amenities like assigned seating, checked baggage, and more. Before purchasing your ticket, be sure to account for these additional costs.
Don't forget to check out our other articles for more money-saving advice on other airlines, including Southwest and Frontier.
To quickly and easily compare airfare prices, use a travel search engine like Kayak or Skyscanner.
To get the best deal on your plane ticket, look at several different search engines. It is also possible to sign up for alerts whenever the price of a flight changes on sites like Google Flights.
Kayak, Expedia, Priceline, Skyscanner, and Momondo are some excellent examples of websites to use when looking for low-cost airline tickets. You can research airfare, keep tabs on prices, and even see how they've fluctuated with the help of these sites. If you sign up, they'll send you emails notifying you of changes in flight prices. Additionally, they check all the airlines' prices to make sure you're getting the lowest fare possible on your flight. Hopper is also helpful for observing the yearly trend of airfare.
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