Summer Travel Prices Drop
The cost of flight tickets has dropped due to soft demand, with some prices compared to the previous year down by almost 25%.
International Flight Prices
A new report shows that the average cost for a ticket to Sydney fell 23%. The average flight to the port city is now $1005, while travelers spent $1312 for the same route last summer. In view of its location in the southern hemisphere, Sydney is entering winter, but that can actually be more of an incentive for some American travelers to visit. Sydney has mild winters, which means it may be more pleasant there than in sweltering Europe with its hordes of tourists and lack of air conditioning. The weak Australian dollar means that Americans are currently getting more for their money.
Other International Destinations
The cost of flight prices to Hong Kong has dropped by 16%, while ticket prices to Incheon, South Korea, decreased by 15%. For those who want to travel to Europe this summer, there are also bargains. Airplane tickets to Stockholm, Sweden, and Oslo, Norway, fell by 17% and 16% compared to the summer in the previous year. The cost of a standard flight ticket for all European destinations has dropped by an average of 8%.
Domestic Travel
For those who want to travel domestically, flights to Orlando, Tampa, and Raleigh can be found on average for less than $300. The cheapest times to fly are between May 19 to June 8 and August 11th to 31st. Flying on public holidays is still cheaper than last year. The 4th of July flights are almost 10% cheaper, while Memorial Day and Labor Day flights have also dropped compared to last year.
Airline Response
The report comes less than a month after United Airlines announced that it will reduce its domestic flights by about 4% this summer due to softer demand. The airline also predicted a lower than expected profit in the current quarter and warned of the downward risk of the year’s prospects if the US economy enters a recession due to the ongoing trade war. United said that its financial forecast was dependent on the macroeconomic environment, which "was not predicted this year with a certain degree of certainty".
