Everyone knows that travel can get extremely pricey. But what people want to know is where do the expenses come from? What is driving the costs?
In light of current events, airline tickets are expensive due to significant safety protocol changes affecting the travel industry from coronavirus. However, other factors you can consider can save you money when purchasing your tickets.
The airlines utilize a yield management system. It is an algorithm that adjusts the ticket prices primarily based on the timing of travel booking and the travel demand.
Time of booking
The ticket price is dependent on the time that you decide to book a flight. The more in advance you book a flight, the cheaper it’ll be.
How early to book?
The first seats on the flight are typically the cheapest, and the prices increase more and more as they get booked until it reaches the maximum price for the last couple of seats. For a domestic flight, booking travel about 44-50 days in advance is a great range. As for international travel, the time of booking depends on the destination.
Europe: 71-80 days prior to flight
America & Asia: 1 month prior to flight
Africa: 2 months prior to flight
Australia & wider Oceania: 3 weeks prior to flight
What days of the week to book?
Most airline algorithms suggest weekdays are more expensive because of the high volume of business travelers booking last-minute flights. Therefore, the best time to book during the week would be weekends, especially a Sunday evening. The airlines have adjusted this algorithm in light of current business travel coming to a halt during the pandemic, so keep checking your dates.
Travel Demand
High-frequented flights during special events and holidays tend to be more expensive. Due to high demand, airlines sell the flights to specific popular destinations at a higher price.
Flights are expensive, so why still book them?
Despite the expensive airfares, savvy consumers pick airlines based on the quality of service, credit card rewards, and customer loyalty programs.
Flight expenses in 2021
Airlines went through a major crisis as the pandemic shook up the world routes were suspended, and passengers refused to travel. These circumstances changed algorithms and impacted regular consumer habits. As a result, analysts are currently setting prices without the usual historical references and IT data points. Some say airlines are guessing what consumers’ reaction will be to flying right now.
Tips for cheap flights
● Don’t book flights last minute
● Book domestic flights 44-50 days in advance
● Book international flights three weeks to 2 months in advance
● Book flights on weekends (Sunday evening preferably)
● Travel off-season
● Be flexible with travel dates
So when you are ready to book an affordable flight to the destination of your dreams, give us a call or schedule an appointment to discuss the trip today!