Here’s How Much Travel Will Cost People This Summer
Travel app Hopper shares costs for flights, hotels, and car rentals.
For travelers headed to Europe and Asia, the song of the summer might be “I Need a Dollar”.
While nearly every area of travel continues to get more expensive, airfares to Europe and Asia are soaring to a five-year high, according to a new report from travel booking site Hopper.
Airfare ticket prices to Europe have increased with the average round trip ticket costing $1,167 compared to only $850 last year. Airfares to Asia have also skyrocketed, with the average round trip tickets soaring to $1,817, compared to only $917 during the low of the pandemic in the Summer of 2020.
For hotel bookings, the price of lodging has also dramatically increased. New York City, the market most searched by travelers, has a median nightly rate of $361, which is a 51% jump in price from 2022. Median nightly rates also jumped in Miami (33% increase to $204 a night) and Las Vegas (23% increase, for a rate of $154 a night).
One area of relief for travelers is car rental prices, which have decreased since last summer. In Orlando, Florida, a five day rental has dropped 35% for an average daily rate of $27. In Las Vegas, a four day car rental has dropped 26% to $34 a day.
For people looking to book a summer getaway, the report reveals that there may still be some deals left, if travelers act fast.
“If you haven’t booked summer plans yet, you’ll want to do so as soon as possible. Prices are expected to rise in the coming weeks. Now is the sweet spot for getting a good deal,” Hopper’s Chief Economist Haley Berg said in a statement.
Berg also encourages travelers to consider flying mid-week to save an average of 17% on domestic airfares, or even considering scrapping your summer travel plans altogether and just wait for the fall. The “shoulder travel season” between September and November can provide travel deals as much as 30% off-peak prices to Europe, Berg shared.
"The travel industry overall has been vocal in predicting that this summer will set a record. Travel insurance giant Allianz recently published a report that revealed that summer travel to Europe will be 55% higher in traffic than the same time last year.
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