Experts expect another busy air travel season this summer, but ticket prices should remain stable thanks to the stabilization of supply and demand.
“We expect summer 2024 to be similar to last year in terms of demand and prices,” said Hayley Berg, chief economist at the booking app Hopper.
Travelers may even find better prices than last year if they choose to visit certain destinations like Orlando, Miami, or Las Vegas.
“Airfares this week for Orlando, Miami, Las Vegas, and most other popular domestic destinations remain lower than at this time last year and in 2022,” noted Berg.
The average price of a domestic ticket over the next six months is expected to rise to $307 in May and fall to $264 in September, according to Hopper.
“We shouldn’t expect a significant reduction in [fares] this summer, as airlines manage capacity and also have to resolve aircraft availability issues in some cases,” said John Grant, analyst at travel data company OAG.
Several Boeing models have faced issues, forcing airlines to ground many of their planes and leading the manufacturer to halt production of new aircraft.
Despite the current problems with Boeing, the cost of airfare is currently at a historically low level when adjusted for inflation, according to Scott Keyes, founder and cheap flight expert at Going.com, in a post on X. He noted, sharing data from the Federal Reserve, that inflation-adjusted airfare is about 33% cheaper than it was a decade ago.
“By historical standards, we are living in the golden age of cheap flights,” posted Keyes.
Travelers should especially take advantage if they dream of a European getaway.
Data from FCM and Corporate Traveller showed that round-trip airfare to several of the most popular European destinations is cheaper than last year, according to TPG.
Prices to Europe have already dropped [about] 10% compared to the same period last year, says TPG.
Round-trip travel prices fell about 12% for the UK and France earlier this year compared to the previous year, while fares to Spain dropped 9% and those to Italy fell nearly 4%, according to data from FCM and Corporate Traveller.
So start packing, a summer trip seems to be an affordable option for many this year.
Source: The New York Post