Flights in 2024 Will Actually Be Cheaper, According to Data Analysis

A new analysis from discount flight booking site Going.com, revealed that airfare has dipped below pre-pandemic prices.

<p>JOSEPH PREZIOSO/Getty Images</p>

JOSEPH PREZIOSO/Getty Images

If traveling more and paying less for flights is on your New Year’s resolution list — you’re in luck. 

A new analysis from discount flight booking site Going.com, shared with Travel + Leisure, revealed that airfare has dipped below pre-pandemic prices and also dropped 24 percent from the May 2022 peak of airfares. The company provided evidence of the  international fares dropping such as flights to Paris for $387 and to New Zealand for $686 round-trip. 

“2023 has been a return to normalcy when it comes to flight prices, while 2024 is expected to just be normal. The peak of flight prices in May of 2022 have disappeared,” Going.com’s Katy Nastro shared in a statement to T+L. “Looking forward, we don't anticipate any major swings in demand outside of typical peak seasons like the summer or the winter holidays like we saw in the last 18 months where post-pandemic pent up travel demand drove prices upwards.”

Naylor analyzed the average price of airfare and tracked a downward trend for 13 of the last 18 months, and that prices are currently down 12 percent from the same time last year. 

Economists cite less people traveling for leisure, and a lack of business travel as reasons for the lower airfares. 

“It’s a combination of less business travel, as we haven’t seen the rebound to pre-pandemic levels, lower fuel prices, and more capacity as more planes have come online,” KPMG’s Chief Economist Diane Swonk told T+L in an interview.  

Southwest Airlines recently described the current level of business travelers flying as “below historical levels” during their October 2023 earnings call

In addition to airfares trending down, car rental prices dropped 10.1 percent over the last year, according to the recent Bureau of Labor Statistics Consumer Price Index Report.

When it comes to finding cheaper flights, if travelers aren't finding a sale, airlines like United and Delta have deals on their websites.

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