The COVID-19 pandemic has deeply impacted the travel industry. With travel restrictions in place and quarantine rules in effect, the demand for air travel has – unsurprisingly – sharply decreased. Airlines suffer while businesses dependent on air travel such as the hospitality industry suffer as well. But, therein lies an opportunity for savvy travelers who want to look beyond the pandemic and start planning for their next holiday. The silver lining is that airfares have dropped dramatically!
Contrary to expectations, airline ticket prices have seen a significant dip in recent months. As per a study conducted by cheapair.com, the average domestic airline ticket price has dropped by approximately 25% since January. Similar trends can be seen for international travel too. While airlines have faced significant losses due to a lack of demand, the undisputable silver lining is an unprecedented drop in ticket prices.
The aviation industry experts suggest that the fall in prices is primarily due to the decrease in demand and pricing strategies of airlines. Industry experts predict that the longer the pandemic persists, the more the demand will dwindle, and airlines will need to maintain low prices to attract travelers.
Moreover, travelers can expect greater flexibility with rescheduling and even cancellation of their tickets as airlines become more amenable to flexibility due to reduced demand. Airlines have become increasingly aware of the need to cultivate goodwill among passengers by easing their return policy and introducing flexibility.
In conclusion, the pandemic has brought about a significant but unintended benefit to travelers – an unprecedented drop in airline ticket prices. The unique feature of this unusual situation is the flexibility that airlines offer in the face of reduced demand. As experts point out, this trend of low prices and more flexibility is likely to continue. Friendlier policies by airlines, coupled with rock-bottom prices, make it the perfect time for people to begin planning their next trip. So, how about booking tickets for that much-needed vacation while the prices are still low?
