The price of airline flights is dropping which is good news for those looking to book a vacation in the next couple of months.
Gunnar Olson of Twin Cities-based Thrifty Traveler says even if you have already booked a flight, you can still save money.
"People can rebook and get a voucher for the difference in their flight, or just rebook entirely and pay a brand new rate that might be much, much lower than what you paid for at the beginning," says Olson. "So a really good opportunity for travelers whether you have a flight booked or not."
Olson told Vineeta Sawkar on the WCCO Morning News that because flights were so expensive earlier this year, fewer seats were sold by the airlines leading to the price reductions.
"The airlines were pricing things so high a couple of months ago that I think a lot of travelers kind of balked at it and just decided maybe this is the year I sit out flying or maybe this is the year I stay a little closer to home, prices are just so crazy that I can't stomach it," says Olson. "And then I don't think the airlines sold as many seats as they wanted to."
Olson says the lowest prices right now are for domestic flights in the U.S. as well as to Western Canada. International flights that are becoming more affordable are trips to places like Iceland and Chile.
The latest federal inflation report released last week show that airfare was down about 8% from May to June 2023. Between June 2022 and June 2023, average flight prices fell almost 19%, the steepest decrease in airfare since February 2021.
Olson says the lower prices should remain in place for the next few months and recommends you start looking at your 2024 plans now as well, especially if you plan to use a stack of miles or points.
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