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Flight prices are rising and will only get more expensive this year, experts warn… so should you book now for summer? Plus how to get a good deal
- Brits are still happy to book holidays, despite the rising cost of living
- But now that flight costs are high – and getting higher – booking fast can save you money
- Ticket prices rose 44% last year, according to official statistics
Vacationers can save money by booking flights quickly, as both airlines and aviation experts believe prices will rise later in the year.
The price of flights is already high, even during the off-peak season. Ticket prices rose 44.1 percent in the year to December, according to the Office for National Statistics.
That’s the biggest airline price hike in more than 30 years.
Many airlines reported that business is booming, with flight sales up despite the cost-of-living crisis
But despite historically high airfares and the wider cost-of-living crisis, the British are still keen on booking holidays.
EasyJet said Easter ticket revenues were already up 25 per cent on 2019, before the coronavirus pandemic restrictions hit airlines.
But booking flights soon for this year’s holiday could be a smart move as prices will continue to rise in the coming months.
This week, Ryanair boss Michael O’Leary said that ‘based on current booking profiles, we think fares will rise in Easter and summer’.
Wizz Air boss Jozsef Varadi said last week that “bookings are strong” as the company experienced a surge in ticket sales.
Based on current booking profiles, we believe rates will increase in Easter and Summer
Ryanair boss Michael O’Leary
Meanwhile, aviation analyst John Strickland said prices are likely to rise in the coming months due to high fuel prices and that airline capacity, mainly on long-haul flights, is still returning to pre-pandemic levels.
Strickland said, ‘We’re seeing average prices rising. Clearly, that trend is firmly in place. The hard evidence from airlines is for price increases, even in recent winter months.
“These price increases are not airlines trying to exploit the situation, they reflect rising costs, such as jet fuel. Aircraft fuel prices remain high, and this is about a third of airline costs.
“The other factor is capacity on long-haul flights, which has not returned to pre-Covid levels.”
However, the future of ticket prices beyond the coming months is more difficult to predict.
Strickland said: “We have no idea what will happen to Ukraine, broader economies and consumers’ ability to pay. 70 to 80 percent of people say they put price above everything else when booking.’