Pennsylvania City Will Be a Lot Cheaper for Flying in 2024

After years of rising airfare prices, 2024 may be better for visitors’ wallets, especially in some U.S. cities, a new study says.

“Domestic airfare will drop 16% in 2024 compared to 2023,” according to Kayak’s 2024 travel report, which came out in November. Meanwhile, the cost of getting a car (14%) and booking a hotel (10%) will also go down. From the middle of March to the middle of September 2022, Kayak analysts looked at customer searches for trips in 2023 and searches for flights in 2024.

“Record-high prices last year and skyrocketing demand for international travel could be forcing airlines to cut domestic costs, which could save you even more on your domestic travel,” Jake Bouvrie, Chief Economist at Kayak, told Nexstar in a statement. “Flight, hotel, and rental car prices are all going down in the United States, so if you’re on a tight budget, 2024 might be a great year to travel right here in the States.”

According to the Bureau of Labor Statistics, domestic airfare was over 12% cheaper in November than it was at the same time in 2022. However, Kayak found that this number is much lower for some U.S. target cities.

Philadelphia is the best deal because the average price dropped 39% from one year to the next. Fairbanks, Alaska is next with a drop of 37%, and Minneapolis is third with a drop of 34%.

Also Read: Texas City Ranked at First in the Grinchiest Cities of America

Minimize Flight Costs

If you want to book an international flight, the future isn’t as good for bargain hunters. According to Kayak, international airfare is up 10% year over year. A search on Kayak found that the best time to book a flight is eight months in advance, with saves of around 8 to 18% on average.

Before the end of the month, the International Air Transport Association (IATA) raised its net profit margin prediction to 2.7%, or $25.7 billion. The business also thinks that 4.7 billion people will travel by air in 2024, which is more than the 4.5 billion people who traveled before the pandemic in 2019. The IATA says that growth will be harder than expected because it costs a lot to borrow money and there isn’t much room for growth.

“Considering the big losses of the last few years, the $25.7 billion net profit expected in 2024 is a tribute to the industry’s strength,” IATA’s Director General Willie Walsh said. “People love to travel, which has helped airlines get back to where they were before the pandemic in terms of connectivity.” Incredible how quickly things have been getting better, but it looks like the pandemic took away about four years of growth in flying. As of 2024, it looks like both passenger and cargo increase will return to more normal patterns.

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