Airfare could be set to fall to 2019 levels, according to the third quarter travel index from Hopper. The online booking platform reported that the average domestic airfare is set to drop to $286 round-trip later in August, down more than 25% from May 2022. In the spring, the highest average prices rose as high as $400, Forbes reported .
See: 5 Affordable and Fun Travel Destinations for Summer 2022Find: 7 Things You Should Never Do When You’re Planning to Retire
This drop follows a busy summer travel season, when nearly 81% of U.S. adults said they had travel plans for the summer, according to a travel survey by The Vacationer. Also, nearly 45% said they would travel more this summer than they did last summer, when pandemic concerns continued to hamper travel plans.
Airfare typically drops 10% to 15% between late August and early October, when kids start going back to school and the summer travel season ends, according to Forbes. But this year’s dip is deeper than usual, in large part because prices were higher than usual in May through July.
Forbes considered the steep decline a “market correction.” Hayley Berg, chief economist at Hopper and author of the Hopper report, wrote: “Prices this summer were elevated beyond normal seasonal airfare increases due to high jet fuel prices and pent-up demand coming out of two depressed summer seasons.”
Reduced passenger seat capacity – a response to flight delays and disruptions that airlines hoped would give them better service to customers on remaining routes – also drove up prices, the report said.
Berg added that traveler demand also peaked earlier in the summer than usual, prompting airlines to cut prices in August and September to lure travelers.
Prices are expected to rise again in October and November, and the average ticket price could reach as high as $390 in mid-to-late December as travelers plan visits during what everyone hopes will be a normal holiday season.
Discover: 22 Side Gigs That Can Make You Richer Than a Full-Time Job. Explore: In less than a decade, you won’t be able to afford a home in these cities
Bottom line: If you skipped your summer vacation this year due to rising fuel costs, inflation or other reasons, there’s still time to book a flight to your favorite destination or plan a new adventure. But don’t wait too long or you might miss the boat—er, the plane.
Dawn Allcot is a full-time freelance writer and content marketing specialist who geeks out about finance, e-commerce, technology and real estate. Her long list of publishing credits includes Bankrate, Lending Tree and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology and entertainment website. She lives on Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten, and three lizards of varying sizes and personalities—plus her two children and husband. Find her on Twitter, @DawnAllcot.
