A new analysis from discount flight booking site Going.com revealed that airfare has dipped below pre-pandemic prices. This is good news for travelers who are looking to save money on their flights in 2024.

A new analysis from discount flight booking site Going.com, shared with Travel + Leisure, revealed that airfare has dipped below pre-pandemic prices and also dropped 24 percent from the May 2022 peak of airfares. The company provided evidence of the international fares dropping, such as flights to Paris for $387 and to New Zealand for $686 round-trip.

“2023 has been a return to normalcy when it comes to flight prices, while 2024 is expected to just be normal. The peak of flight prices in May 2022 has disappeared,” Going.com’s Katy Nastro shared in a statement to T+L. “Looking forward, we don’t anticipate any major swings in demand outside of typical peak seasons like the summer or the winter holidays as we saw in the last 18 months where post-pandemic pent-up travel demand drove prices upwards.”

Naylor analyzed the average price of airfare and tracked a downward trend for 13 of the last 18 months, and prices are currently down 12 percent from the same time last year.

Economists cite fewer people traveling for leisure and a lack of business travel as reasons for the lower airfares.
“It’s a combination of less business travel, as we haven’t seen the rebound to pre-pandemic levels, lower fuel prices, and more capacity as more planes have come online,”

KPMG’s Chief Economist Diane Swonk told T+L in an interview.
Southwest Airlines recently described the current level of business travelers flying as “below historical levels” during their October 2023 earnings call.
In addition to airfares trending down, car rental prices dropped 10.1 percent over the last year, according to the recent Bureau of Labor Statistics Consumer Price Index Report.

When it comes to finding cheaper flights, if travelers aren’t finding a sale, airlines like United and Delta have deals on their websites.

Here are some tips for finding cheap flights in 2024:

• Be flexible with your travel dates. The cheapest flights are often found on Tuesdays and Wednesdays and during the off-season.
• Consider flying into smaller airports. Airports in smaller cities often have lower fares than major airports.
• Book your flights in advance. Airlines typically offer discounts for booking flights in advance.
• Sign up for email alerts from airlines and travel websites. This will keep you informed of the latest deals and promotions.

With a little planning, you can find cheap flights to your dream destinations in 2024.

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