Airline Ticket Prices Are Taking Off. Experts Advise Travelers to Book Early

All operations of airlines were shut off during the past 2 years due to the pandemic of COVID-19 worldwide. They faced a huge financial loss due to this problem, as their source of earnings was cut off. All countries have now opened their air routes and allowed airlines to resume their normal functions. So, airlines have decided to make up for their losses now and as a result, they are increasing the airfare for all common passengers. 

Airline ticket costs are going higher

All airlines are now increasing the airfare of their domestic flights by 20 -25%. The huge increase in the cost of Aviation Turbine Fuel (ATF) has forced airlines to take this step. Domestic airfare is expected to go up further, due to the possibility of more hikes in the price of jet fuel. Hence, it is wiser to book flight tickets now before the price shoots up. 

Airline are charging higher because there are more flights coming in and out of airports  

After the pandemic, airlines doubled the number of flights on all routes. More people are now interested in traveling by air to reach their destinations for business purposes or to spend much-awaited vacations. Therefore, airlines claim that they need to spend more on buying fuel for these planes, which forces them to raise their airfare to meet all extra expenses. It is seen that a 25% - 30% hike in domestic airfare is announced by different airlines in the first week of March 2022.

Increase in passenger demand and not fuel prices is leading to higher fares

However, it is reportedly found that the increase in the number of passengers has encouraged airlines to raise the prices of their flight tickets. These airlines need to spend more on jet fuel due to the current demand for flight tickets on all routes after all the lockdown norms are lifted. More people are flying to various places this summer, resulting in this huge demand for air tickets. Some airlines have increased their airfare to popular tourist destinations by up to 40%, due to the rush to those places after the pandemic.

You can save money by booking early

So, you need to book your flight tickets as early as possible so that you can pay the current airfare before it is further increased. You can compare the airfare offered by all airlines on a specific route, to find the cheapest one that is convenient for you. Reputed travel agencies update the airfare of every airline daily, to provide the latest status of airfare.

Find the cheapest day to fly

Normally, airfare is much cheaper on weekdays than on weekends, mainly to popular tourist destinations.  So, Tuesday and Wednesday in the midweek are considered the best days to fly at a cheaper rate. However, you can check the trend of airfare on different days of the week on your required route before booking your flight ticket. Business travels usually need to be done on the weekdays only, which contribute to the rise in airfare on those routes. 

Fuel prices are going up due to war in Ukraine; there may be impact of fuel shortage

As a war is going on between Russia and Ukraine, there can be a shortage of fuel that was earlier available from those regions. These 2 battling countries cannot contribute to the fuel supply to other countries now, which is a vital reason for the less availability of fuel. Hence, the fuel price is going sky high throughout the world, affecting the economy of all countries. The price of a barrel of crude oil has reached $120 now, which is the highest in the last 8 years. 

3 largest airlines - American, Delta, United warned that fuel prices will go up

American Airlines based in Texas, Delta Airlines based in Atlanta, and United Airlines based in Chicago are the three major airlines in the USA. All these airlines have warned their customers that they may be forced to raise their airfare due to the sudden hike in fuel price from 17% to 33% this year. All these airlines have reported a huge increase in the demand for flight tickets now, which was hardly seen before the pandemic. Glen Hauenstein, the President of Delta Airlines said that he had never seen such demand among passengers, owing to the lockdown caused by the pandemic. So, these airlines are supposed to increase airfare by $15 - $20 on their air tickets during the second half of this year. 

Percentage increase in fares, prices of oil barrel will go up

The sharp hike in the price of crude oil worldwide has caused repeated increases in airfare this year. Most airlines have decided to raise the prices of their flight tickets by at least 20%, to cope with the hike in fuel price for the 5th time in 2022. Aviation turbine fuel is derived from crude oil and thus, hikes in the price of crude oil lead to the increase in jet fuel as well. 

Buy tickets early when there is a hike in prices

However, it is not essential to buy air tickets early all the time. You should buy your flight tickets early only when there is a chance of a hike very soon. So, an early booking can help you avoid paying the extra price imposed by the airline. 

Competition between the airlines may level back the prices

Some low-cost airlines are still willing to offer cheaper rates on their flight tickets. Naturally, people will try to buy air tickets from these airlines to save money. So, it is expected that some costlier airlines will try to reduce their rates in the future, to attract passengers to their flights. This competition in the airline industry may help in leveling the airfare, decreasing the huge burden on the pockets of common passengers. 

Therefore, the hike in the price of air tickets is a huge burden on common people. The costs of air tickets increased a lot this year, compared to that of the last 2 years. However, we still hope to get flight tickets at a cheaper rate in the near future.