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.

In 2023, airline fares experienced a complex trend that varied by region and market. In the United States, domestic airfares actually saw a slight decrease of 3.1% compared to 2022 when adjusted for inflation, with the annual average domestic itinerary fare landing at approximately $382. This was largely due to a stabilization of fuel prices and increased flight capacity as airlines recovered from the pandemic. However, on the international stage, particularly in markets like India and Southeast Asia, airfares saw a massive surge, with some routes increasing by 16% to 50%. This global "travel boom" was driven by high "revenge travel" demand, a shortage of aircraft parts, and limited competition on specific long-haul routes. While the U.S. consumer saw some relief in the latter half of 2023, travelers in Europe and Asia often faced much higher costs due to a slower return of pre-pandemic flight schedules and the rising operational costs associated with labor and maintenance. Ultimately, while "headline" fares seemed to go up, the actual "inflation-adjusted" cost of flying in many major markets began to level off.