Now, the 'rules' of finding affordable travel have changed. Two years after the pandemic's economic shockwaves, the airline industry is largely changing its pricing models, according to Harteveldt. Harteveldt refers to this as, "market forces at work." All of these forces have combined to create rising ticket prices. Airlines are also facing the reality of not having enough pilots and flight attendants to run their flights, as well as higher labor costs. According to IATA, the price of jet fuel has increased nearly 150% in the last year. Additionally, consumers aren't the only ones facing high gas prices at the tank - the airlines are feeling it, too. Henry Harteveldt, travel industry analyst at Atmosphere Research Group, tells Select that while travel demand has come roaring back, seat capacity is still down 6% compared to pre-pandemic numbers. For starters, there are simply not enough seats to provide for how many people want to fly. Now, with travel restrictions easing across the world and higher operating costs to deal with (like higher jet fuel prices), airlines are salivating to serve travel-deprived consumers - and for a major profit.Īs a result, ticket prices are near all-time highs at the moment. Since the beginning of the pandemic, many airlines have been drowning in debt and struggling to return to a state of profitability. Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Filing For Free Best Tax Software Best Tax Software for Small Businesses Tax Refunds Tax Brackets Tax Tips Taxes By State Tax Payment Plans Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt ReliefĬredit Monitoring +More All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Best Credit Repair Companies Best Mortgages for Average Credit Score.Best Loans to Refinance Credit Card Debt.
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