- Domestic flight prices dropped by about 19% in June 2023 compared to the same time last year.
- The stat represents an overall downward trend in airline ticket prices since record highs in 2022.
Skyrocketing airfare has been one of the biggest frustrations for travelers since the pandemic thanks to a combination of rising fuel prices and strong pent-up travel demand.
But the tide is finally turning, and it may be a prime time to book your next flight.
Fares reached a record high in May 2022, when roundtrip domestic tickets cost about $410, compared to about $275 a year earlier, according to airline price-tracking website Hopper.
Prices started dipping in June 2022, and dropped another 18.9% by June 2023, according to the Bureau of Labor Statistics' most recent Consumer Price Index.
Just between May and June this year, fares fell 8.1% month-over-month — an indication that inflation is cooling despite demand holding steady. Beefed-up airline staffing and flight schedules have contributed to the drop by effectively adding more supply to the market.
Meanwhile, it's getting cheaper for airlines to fuel up. Per-gallon fuel prices have decreased by a nationwide average of $1.38 since June 2022, according to a study conducted by Aviation Research Group.
What to know before booking your flight
Not all flights are seeing airfares drop, however. Holiday weekends are likely to remain more expensive, and high-demand routes can flex up and down depending on the season. And international ticket prices remain high.
In its summer travel outlook published in May 2023, Hopper estimated flights from the US to Asia and Europe to be $300-$400 more this year than in 2022. It also predicted flights to both would cost at least another $300 compared to 2019.
The company suggests travelers look to fall for better deals, especially to places like Japan where the borders have been open for less than a year.
It doesn't appear many travelers are deterred by high international fares, however. In April, Delta Air Lines announced its summer 2023 international flights were already 75% booked, The Points Guy reported.
Meanwhile, United Airlines SVP of global network planning, Patrick Quayle, said in April that an "unprecedented demand for travel overseas" has led the company to increase its summer flying by 25% this year compared to 2022. It also noted bookings were up 15% compared to last year.
While fares are still up overall from 2019, this break could be a sigh of relief for eager travelers looking to book more affordable vacations this year. And, it may even deter people from using hacks like skiplagging to bag cheap deals.
The positive news comes after years of travelers struggling through operational meltdowns and dwindling customer service.
While there was some optimism after a relatively successful Memorial Day weekend, some carriers are still struggling to crawl their way back to normalcy, with United recently experiencing a dramatic meltdown that took days to get under control.
Nevertheless, people are determined to fly with bookings up year-over-year. And, the Transportation Security Administration is consistently screening over 2 million people per day — trending close to 2019 numbers.