Recently, we advised you to increase your airfare budget if you’re planning a trip to Disney World soon.
Due to soaring jet fuel prices, domestic ticket prices have been increasing in the United States, and it looks like this trend might be here to stay. Prices are continuing to rise, and here’s why.
Airline prices have changed considerably since the beginning of the global pandemic. In March 2019, the average domestic fare was $307.28, with a significant drop in fares as of March 2020. As you can see on the chart created by Hopper, Inc., airfares varied quite a bit even in 2021, with price peaks in the summer and during the holiday season.
According to Orlando Business Journal, there are several factors behind these significant fare increases, including the time of year, flight supply, and jet fuel prices. Although more people are booking flights, the uncertainty of COVID-19 has led travelers to book flights closer to departure times, causing airlines issues with capacity and route networks
Also, fuel prices have increased by 110.4% since a year ago, and they’re currently at the highest level since July 2008. As of March 18th, jet fuel in the United States costs $145.48 per barrel. An economist at Hopper, Inc. predicted that fuel prices and, consequently, ticket prices will continue to rise, and experts expect summer fares to increase as well.
If you’re planning a trip to Disney World soon, you might want to increase your budget for airfare. Keep following AllEars for more news to help you plan your next trip.
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Have these airfare price increases affected you yet? Tell us in the comments!