Cheap flights won’t be coming back any time soon
It’s no surprise that airline prices for vacations should to skyrocket this year, but it also looks like those high prices are here to stay.
Tuesday, The Wall Street Journal reported that demand for flights continues to rise while supply suffers. Due to fuel prices, labor costs, and labor shortages, airlines are raising their prices and it doesn’t look like they will come down any time soon.
While some may have hoped flight prices would drop again after the holiday season, that doesn’t seem likely due to ongoing issues with fuel prices and labor costs and shortages that will be always present after the holidays.
CNBC said the outlook for 2023 flights is also bleak. The economic downturn plays a role in price movements, but there are also other factors involved.
United CEO Scott Kirby said during the company’s quarterly call, reported by CNBC, that the increase in demand was partly due to hybrid office work or fully remote work: “With hybrid work, every weekend could be a holiday weekend,” said Kirby. “That’s why September, a normally off-peak month, was the third strongest month in our history.”
If you plan to book summer flights for 2023, it might be best to do so as soon as possible, according to CNBC“Scott’s Cheap Flights founder (Scott) Keyes suggests travelers book as soon as possible, and even consider snagging deals for summer 2023 in Winter.”
Flexible travel schedules and early booking can help you get a better deal on your flight prices while it is unclear when flight prices will drop.