We have good news: With oil prices plunging and airline competition increasing, this is the ideal time to book that flight you’ve been thinking about. The large fuel prices drop means airlines now have more leeway to drop prices for consumers. Fuel prices haven’t been this low since 2004 so airlines are taking advantage of the flexibility in consumer prices. Airfares have dropped about 14-15% lower this year in comparison to past years.
In recent data released by the federal government, international airfares have also dropped about 15% which is the lowest drop since 1987. With a ton of budget airlines added to the mix, airlines are fighting to give consumers the best possible price.
What does this mean for you? Start planning and booking that adventure! This is prime time for both domestic and international flights. Hopper, an app that estimates airfare prices, says that prices will be 15-20% lower from February to April. Hello spring breakers! If you haven’t booked your spring break destination, some of the top bargain destinations are Myrtle Beach, Miami, Las Vegas, Milan, Madrid, and Frankfurt. Even flights to popular destinations such as Rio de Janeiro could fall around 23%. With the strength of the US dollar, dining and fun activities would also be cheaper for Americans.
Planning a trip after graduation? Patrick Surry from Hopper recommends purchasing a domestic flight 4-6 weeks ahead of time and 2-3 months ahead of time for international flights. To save the most money, he also recommends traveling on a Monday or Tuesday instead of the weekend for the best deals.
These amazing airfares won’t last forever. Discounted fares can fluctuate hours at a time and experts believe prices will rise again during the summer travel season. Take advantage of the fuel prices drop and book that dream vacation before it’s too late!