Air fares rose by 23 % in 2023! However, these fares and prices for hire cars could fall in 2024.
If you’ve done any research over the last few months to book a plane ticket, ticket prices have become exceptionally high. Unfortunately, it’s not just a feeling.
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After the pandemic, supply fell sharply, and fares started to rise again
There are several reasons for this rise in prices. Prices have started to rise again (beyond the seasonal effect): +37.3% in July and +35.9% in August 2022, whereas in June, they were still lower than in 2019 (-3.9 %). After the pandemic, supply was significantly reduced, and rates started to rise again.
Jet fuel: will your pre-booked trip cost more?
But that was not the only explanation. In 2022, airlines had to juggle high paraffin prices, rising air traffic control fees and airport charges. The airlines were in no hurry to increase the number of flights, as the higher fares enabled them to compensate financially for the setbacks of COVID-19. Then, the price of fuel soared, causing prices to soar again.
Moreover, there was no price reduction in 2023. Again, on average, they rose by 21.6% compared with 2019. Prices got carried away in May (+33.1%) and took off in July (+60.6% compared to 2019, +81.8% compared to 2013).
In other words, if a return ticket to New Zealand cost €1,000 in July 2019, it was being sold for €1,606 in July 2023.
Lower prices in sight
Prices are now falling for specific destinations such as Spain, Thailand, Dubai and South Africa.
Today, fuel prices are at their lowest level ever. Airlines are increasing their offer by opening or even reopening certain routes and adding rotations on the most popular routes. We are also seeing prices starting to fall. Others are no longer increasing.
The airlines’ moment of euphoria is over. Even if some doubt they will ever see 2019 prices again, travellers can look forward to prices close to them. For example, Singapore Airlines, which will fly from Brussels in March 2024, has fares of €620 to Bangkok (Thailand) or Kuala Lumpur (Malaysia), and similar levels can be found with Qatar Airways.
Best practices for a cheap flight
First, you must be aware that air ticket prices change several times daily, and it is hard to predict when to buy your ticket! Prices are adjusted according to the volume of supply on the market (number of seats available), the prices of competing airlines, and demand (based on the history of past years, the number of requests on search engines, etc.).
1/ Set up alerts
Fortunately, several platforms can help you find a reasonable fare. Algofly is one of them. Here, you can see the average, good or exceptional price, depending on the season, departure date and the number of stopovers.
Several platforms can help you find a good fare. These platforms can also search for fares for the flights of your choice daily by comparing hundreds of travel websites. They can also produce a tracking graph and analyse price trends in real time.
Equipped with a powerful algorithm coupled with a database of historical prices, they can calculate the optimum time to buy your plane ticket and send you an email alert to let you know.
This type of information and alert system is also available from other platforms, such as SkyScanner, Kayak, and Google Flights.
2/ Add stopovers
Kayak advises that making stopovers is one of the best ways to save money on your plane ticket. If you do it right, the stopover will even be long enough to allow you to explore another destination—a two-in-one, in short.
3/ Opt for several airlines and airports
Kayak adds that booking independent flights (with or without stopovers) with different airlines can often save you money on your trip. Changing departure and arrival airports may be worthwhile, or vice versa.
4/ Be flexible
If you have an idea of when you want to travel, avoid, for example, leaving from Saturday to Saturday. By being flexible with your dates, you’ll notice significant price differences. In some cases, fares can even be halved.
5/ Leave things to chance
Several platforms – including Google Flights and Skyscanner – allow you to enter travel dates without mentioning a particular destination. They then show you the destinations with the best prices for those dates.
For example, enter a departure date and place from Google Flights, then click ‘Explore’. Google will display a world map showing various price tags from the four corners of the globe.
6/ Favour dates you don’t like
Flying on a public holiday or the day after a public holiday is often cheaper. Depending on the circumstances, this also works the day before a public holiday, particularly on 24 and 31 December.
Superstition dictates that flights are also more popular on Fridays, 13 and 11 September, which can cause prices to plummet depending on the destination.
7/ Try the wrong fares
Airlines sometimes publish ridiculously low fares by mistake. These are listed on Jack’s Flight Club or Secret Flying platforms. In such cases, it’s essential to be quick and book quickly, as these prices are never available for long.
The airlines do not honour around 30% of these fares, which may cancel the tickets. Therefore, if you opt for a flight with the wrong fare, book accommodation and/or a hire car that offers last-minute cancellation options.