Cost of Plane Tickets Becoming More Expensive
- The demand for travel has increased, including many people planning to travel domestically and internationally during Spring and Summer.
- Due to recent economic events, airline costs have risen. The increase is even more than pre-pandemic prices.
- Below are some tips on how you can beat the rising airline costs when planning to travel.
Many people look forward to the spring and summertime as that is the time of year when the weather is exceptionally lovely, which allows them to travel around the world. However, the ongoing COVID-19 pandemic halted and slowed down international travel demand. Now that many travel restrictions have been removed or loosened, leisure travel has increased.
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As the number of travelers increases, so do the air travel ticket prices. There are numerous factors causing airlines to raise fares.
Factors Behind Rising Plane Ticket Costs
The first factor behind the rising airline prices is due to inflation. The current U.S. inflation rate is 8.5%, the highest it has ever been in 40 years. A few reasons behind the high inflation rate are supply chain disruptions, consumer demand, and the stimulus packages handed out during the worst economic times of the pandemic to help ensure the economy did not crash.
Recommended Read: The U.S. Inflation Rate is at Its Highest Since 1990
The federal government provided stimulus checks on two separate occasions during the height of the pandemic to help residents, many of whom became unemployed, accommodate their basic living expenses. As a result, a higher year-over-year inflation rate was led. Consequently, as corporations saw people had more disposable income, they began raising their prices to maintain or improve their profit margins.
Russia’s Invasion of Ukraine
The second factor that has led to more expensive flight prices is Russia’s invasion of Ukraine. Russia began invading Ukraine on February 24, 2022, as they wished to reclaim the land they lost when the USSR broke up. However, although Russia’s actions seem reasonable to Vladimir Putin, many countries have publicly criticized the invasion.
Consequently, countries such as Taiwan, Canada, European Union (E.U.), New Zealand, Japan, the U.S., and the United Kingdom (U.K.) announced their disassociation with Russia by imposing sanctions on their banks, oil, and military.
Sanctions are a form of severe penalties that are put on countries, companies, and individuals if certain laws are violated. In Russia’s case, as they are conducting war crimes against Ukraine in the form of civilian bombings, these countries mentioned above decided to sever ties with Russia as they do not condone their actions.
Higher Gas Prices
With many countries deciding to cut ties with Russia due to their inhumane actions toward the people of Ukraine, one major issue that arises from this decision is higher fuel costs.
Russia is one of the leading countries for natural resources. However, because many countries have cut ties with Russia, they are unable to receive their oil and gas for daily consumption. Consequently, due to the lower amount of oil available for purchase, oil prices have risen.
Recommended Read: From Gas to Rent, Inflation is on the Rise
The law of supply and demand states that when there is an increase in the supply of a commodity, the commodity's price will lower, and vice versa. In the case of oil, there is less supply in the market, resulting in higher prices.
Since jet fuel is derived from oil, airline executives have stated they have had to increase airline ticket prices due to higher jet fuel prices. As a result, airlines will offer fewer cheap flights in the foreseeable future because their expenses have risen over the past couple of months.
How to Find Cheap Flights
The rising cost of airline tickets may cut into your funds saved to have a good time on your next trip. However, here are some quick tips for finding cheaper flights to get to your desired destination.
Recommended Read: How to Travel Like a Baller But Not Spend Like One
Fly on a Budget Airline
International airline companies such as Delta Air Lines can charge higher prices since their brand is known worldwide. Therefore, people will most likely be willing to pay the higher price. However, by flying with a more budget-friendly airline, you could potentially go to the same destination at a lower cost.
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Do Not Fly Direct
Sometimes, a flight with a layover is cheaper than a direct flight. Therefore, try to search for flights with your destination as a layover, that way, you have to pay less for the tickets than if you were to fly direct.
Be Flexible with Times
If you plan on traveling and are not picky about the dates, you can save money by going on vacation during less busy times of the year. However, the closer your dates are to a major holiday, such as Christmas, or high-demand vacation times, such as Spring Break, the more expensive your flights will be. Therefore, time flexibility is an essential factor to keep in mind when planning your trips.
The Money Wrap-Up
The rising airline costs can be annoying for travelers, as the higher prices may compromise the experience they receive on their vacation. It could even mean having to delay a trip to a later date when plane tickets decrease.
Although most airlines are raising their prices, by following the tips mentioned above, you may be able to save some money when booking flights.
What are some other ways you can save money when booking flights? Let us know in the comments below.