- In June 2023, domestic flight prices decreased by approximately 19% compared to the same period in the previous year.
- This decline reflects an overall downward trend in airline ticket prices since the record highs of 2022.
- While international fares are still higher, an increase in long-haul bookings indicates that customers are not deterred.
Skyrocketing airfare has long been a major frustration for travelers, primarily due to a combination of rising fuel prices and pent-up travel demand resulting from the pandemic.
However, there is finally a shift in the tide, creating a prime opportunity to book your next flight.
In May 2022, airfare reached a record high, with roundtrip domestic tickets costing around $410, compared to $275 a year earlier, as reported by airline price-tracking website Hopper. Since then, prices have been steadily declining, dropping by an additional 18.9% as of June 2023, according to the Bureau of Labor Statistics’ Consumer Price Index.
Notably, between May and June of this year, fares fell by 8.1% month-over-month, indicating a decrease in inflation despite consistent demand. The addition of more flights and increased staffing by airlines has contributed to this drop in prices. Additionally, the cost of fuel has decreased by an average of $1.38 per gallon since June 2022.
What to consider before booking a flight
While overall airfares have decreased, it’s important to note that not all flights are experiencing these price drops. Holiday weekends and high-demand routes tend to remain more expensive. Additionally, international ticket prices continue to be high.
In its summer travel outlook for 2023, Hopper estimated that flights from the US to Asia and Europe would cost $300-$400 more than in 2022. It also predicted that prices for these flights would be at least $300 higher than in 2019.
Hopper suggests looking for better deals during the fall, particularly for destinations like Japan that have recently opened their borders.
Despite high international fares, many travelers are undeterred. Delta Air Lines reported that 75% of their summer 2023 international flights were already booked. United Airlines has experienced an “unprecedented demand for travel overseas,” leading them to increase their summer flying by 25% compared to 2022. Overall, bookings are up 15% from last year.
While airfares are still higher than they were in 2019, this decrease in prices provides relief for eager travelers seeking more affordable vacations. It may also discourage illegal practices like skiplagging to obtain cheap deals.
These positive developments come after years of operational challenges and declining customer service in the airline industry. While some carriers continue to face difficulties, there is an optimistic trend with increased year-over-year bookings. The Transportation Security Administration is consistently screening over 2 million people per day, approaching pre-pandemic numbers.
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