It’s no surprise holiday airline prices are expected to skyrocket this year, but it also seems that these high prices are here to stay.
On Tuesday, The Wall Street Journal reported that the demand for flights keeps rising while the supply is suffering. Due to fuel prices, labor costs and labor shortages, airlines are raising their prices and it doesn’t seem like they will lower any time soon.
While some may have been hoping that flight prices would lower again after the holiday season, that doesn’t seem likely because of the continued issues with fuel prices and labor costs and shortages that will still be present after the holidays.
CNBC said that the outlook for 2023 flights is also bleak. The economic downturn plays a role in the changing of prices, but there are also other factors involved.
United CEO Scott Kirby said on the company’s quarterly call, reported on by CNBC, that the rise in demand was partially due to hybrid office work or fully remote work: “With hybrid work, every weekend could be a holiday weekend,” Kirby said. “That’s why September, a normally off-peak month, was the third strongest month in our history.”
If you’re planning on booking any summer flights for 2023, it might be better to do it sooner rather than later, according to CNBC: “Scott’s Cheap Flights founder (Scott) Keyes suggests travelers book as early as possible, and even consider snagging deals for summer 2023 in the winter.”
Flexible travel schedules and booking early might help you get a better deal on your flight prices while it’s unclear when flight prices will lower.