When should I book my air!
By Rita Cardenas, VP Trips
What is going on with airfares? A question that I keep asking? According to the International Air Transport Association, states that average ticket prices across all regions are not expected to change significantly. In the United States, domestic and international airfares are expected to move in opposite directions.
Hayley Berg, lead economist for the booking platform Hopper, anticipates that for the next six months, domestic airfare will cost less than in 2023 and pre-pandemic years. Reasons for the falling prices include increased airplane capacity, the number of seats on a given route and a drop in the cost of jet fuel.
January is usually the cheapest month of the year to book travel until the fall shoulder season in September and October. International airfare departing from the United States is up 10 percent for 2024 compared with 2023, according to Kayak, a travel search engine. But airline capacity is rising and might eventually dampen that increase in prices.
Existing airlines are offering more flights and routes, 2023 was a huge year for travel, with several records broken. The U.S. State Department issued a record 24 million passport books and cards during the 2023 fiscal year, signaling increased interest in travel abroad. Airlines added 10% more flights between the U.S. and Central America in 2023 versus 2022, according to scheduling data analyzed by Going from aviation analytics company Cirium Diio. In 2024, airlines are expected to add another 10%.
Last year’s high traveler volume has prompted airlines to increase flight schedules to other parts of the world. For example, Delta Air Lines announced that, it would launch its largest-ever transatlantic schedule for summer 2024. That includes new daily service from New York to Naples, Italy, beginning in May, as well as more flights from the U.S. to Paris; Venice, Italy; Barcelona, Spain; and Dublin. For travel from North America to Asia, there are 5.5 million more airline seats for sale in the first half of 2024 versus the same period in 2023. That’s a 35% year-over-year increase, according to American Express Global Business Travel. More availability in turn can help with pricing.
So, when should I book my international air? Don’t delay booking in hopes that prices will fall. The travel experts advise booking two to eight months out for international travel. Airfares tend to increase the closer you get to booking, it is far more likely for airlines to sell tickets at higher prices at the last minute. Global airfares are expected to rise between 3%-7% next year, as airlines grapple with high fuel costs, sustainability changes and fleet upgrades, according to the FCM Consulting’s “Global Trend Report” for the third quarter of 2023.
I hope my research sheds some light on your decision as to when to book airfare, especially when flying internationally. Safe travels!