Why Flight Tickets Are So Expensive Now (And How to Avoid Overpaying)

By AirTrackBot • Posted Sep 10, 2024

Adonis One/Pixabay

It’s not just your imagination – flight tickets in 2024 are indeed nearing historic highs. In 2023, global airline ticket prices surged by 25% compared to 2022, and in 2024, we're seeing an additional increase of about 5-6% over last year’s prices.

In India, flight tickets have risen by 9% in 2024 due to strong demand and limited supply. A significant factor behind this is that several airlines ceased operations, leading to fewer available flights, creating pressure on the market.

It’s also important to note that seasonal trends heavily influence the cost of flights. Prices typically spike ahead of the summer and winter seasons when travel demand is at its peak. In India, the highest demand for flights occurs from October to January.

In this article, we’ll explore why flight tickets are so expensive right now and offer practical tips to help you avoid overpaying for your next trip.

Why Are Flights So Expensive Right Now?

The price of flight tickets depends on several factors, including rising demand, operational costs for airlines, and the increasing price of oil, among others. Below, we’ll take a closer look at the main reasons behind the current high prices.

1. Post-Pandemic Effect

During the Covid-19 pandemic, airlines reduced ticket prices to fill seats. However, once global travel restrictions eased, ticket prices surged as airlines attempted to recover losses and return to profitability.

2. Rising Oil and Jet Fuel Prices

According to the International Air Transport Association (IATA), the price of jet fuel increased by 150% over the past year. This is one of the biggest expenses for airlines and was exacerbated by rising oil prices following the conflict between Russia and Ukraine. However, as of September 2024, oil prices have fallen to their lowest since 2021, which could lead to a slight drop in ticket prices in the near future.

3. High Demand and Fewer Flights

While demand for air travel has surged, the number of available seats has decreased by 6% compared to pre-pandemic levels, creating a shortage and driving up airfare prices. This trend is apparent globally, including in India.

4. Price Hikes During Peak Periods

As the summer and winter seasons approach, there is traditionally a spike in demand for tickets, resulting in price increases. For summer travel, it's best to purchase tickets in the fall, while for winter travel, booking in the spring offers the best deals.

How to Avoid Overpaying and Save on Flights

Even during peak periods, when prices are at their highest, you can still find great flight deals, sometimes 30-40% lower than standard fares. For example, in July, the average round-trip from Toronto to London was $470, yet there were deals available for as low as $340. Similarly, for a New Delhi to Toronto flight, the average price in July was $1,040, but the lowest available fares were $720.

1. Set Up Price Alerts

Flight prices can fluctuate multiple times a day. To avoid missing out on price drops, use services that track airfare prices. With tools like AirTrack, you can set up price alerts with a single click and receive instant notifications when the price of your flight changes.

2. Be Flexible with Dates

Being tied to specific dates can significantly increase the cost of your trip. Sometimes, simply checking adjacent dates can save you hundreds of dollars on a single flight.

If you’re flexible with your travel month, your chances of saving increase dramatically. For example, flights in December might be much more expensive than in February or March. To find the cheapest months and days to fly, use the Flexible Dates filter on Skyscanner or a low-price calendar, which helps you pinpoint the most affordable days to travel.

Additionally, AirTrack allows you to specify your travel month, and it will find the cheapest flights within that timeframe.

3. Book in Advance (The 21-Day Rule)

How far in advance should you book flights? This depends on several factors. For domestic flights, it's best to book 45-60 days ahead. For international flights, book 2-8 months in advance.

However, wherever you're flying, remember the 21-day rule: Always book your flight at least 21 days before departure. After this deadline, prices are unlikely to drop, and in most cases, they will only increase.

Conclusion

One of the main reasons flight tickets are so expensive remains the high demand for air travel. As we approach the summer and winter seasons, prices will inevitably rise. However, this is a temporary trend, and cheaper tickets will return. It’s also crucial to consider economic factors and inflation, which continue to affect ticket prices. But no matter how high the average cost of flights may be at a given time, there are always great deals available. The AirTrack bot can help you find the best flights and send you alerts on price changes, ensuring you never overpay for your flights.

FAQ

When will flight prices go down?

Prices often decrease after the summer travel season ends. If you plan to travel in summer, it's best to book tickets in the fall or winter. For winter travel, the cheapest tickets are usually available in the spring. However, prices can vary depending on the route and type of flight (domestic or international).

What is the cheapest day to book a flight?

Sunday is generally the best day to book flights, with prices potentially being 5% lower. It’s also recommended to book flights departing on Thursdays, which can offer savings of up to 16%. To secure the best price, book your flight well in advance: 45-60 days for domestic flights, and 2-8 months for international trips.

How to make flights cheaper?

To find cheaper flights, use the following tools:

  • A low-price calendar to identify the most affordable months and days for your trip.
  • Price tracking tools to book tickets when prices drop.
  • Book at least 21 days before your departure date.

Will airfare go down in 2024 in India?

Yes, airfares in India are likely to drop due to a variety of factors like demand, supply, and seasonality. Even if the average price doesn’t fall, airlines frequently adjust prices for specific routes on specific days. To stay informed, set up price alerts to receive notifications when your flight price changes.

How to know when flight prices will drop in India?

To know when flight prices will drop, set up price alerts. This way, you'll receive notifications as soon as prices for your desired flight change, ensuring you book at the optimal time. AirTrack can send you instant alerts right on Telegram, so you never miss a price drop.

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