Commenting on the data, TravelPerk Chief Revenue Officer JC Taunay-Bucalo confirmed inflated airfares in locations such as New York are directly linked to 'increased fuel costs, a shortage of labor and disruptions to the global economy'.
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Flights cost even more in early 2023 than they do now. Factors such as fuel costs, staffing shortages, aging IT infrastructure and hidden fees all contribute to expensive flights in 2023.
Domestic airline prices are on the decline in 2023, finally retreating after spiking just a year ago. International fares are still high. After soaring in 2022, prices for domestic airline tickets are on the descent.
“For domestic flights, if you're talking peak season, it's about three to seven months in advance,” he says. “For international flights — [it's] four to 10 months.”
Keep in mind: smaller airports tend to attract low-cost carriers, which have lower fares by nature, but they also typically have more limited destinations and fewer daily flights, which can account for some of the fare differences compared to larger airports.
It's likely that domestic airfares will continue to sink through the rest of 2023, says Keyes. But prices still tend to run higher in peak holiday periods. To watch for low fares, you can enter your itinerary at sites such as Google Flights and Kayak and receive e-mail alerts when prices drop.
Timing-wise, you should aim to book 5-10 months in advance of travel. That is far earlier than most other people book flights, so you have a better chance of getting the cheap seats. Still, it's not a good idea to book just any old fare in February through July.
The general rule is that for domestic flights, travelers should start searching for flight tickets one to three months in advance. For international flights, the best prices are typically available from two to eight months in advance. Prices can also vary widely among airlines.
Tuesdays and Wednesdays are the cheapest days to fly domestically. The cheapest days to depart if you're flying within the U.S. are midweek — generally Tuesday or Wednesday. For economy tickets, Tuesdays are about 24% lower than peak prices on Sundays, which translates to savings of about $85 per ticket.