As peak travel season approaches, many people are eager to travel and take a break from their everyday routines. However, the cost of travel is on the rise, and it’s becoming increasingly difficult to stick to a budget. According to a recent study by the travel app Hopper, prices for flights, hotels, and rental cars are all expected to increase this summer.
If you’re planning to travel this summer, it’s important to be aware of these rising costs and factor them into your budget. Don’t let the prices deter you from taking a much-needed vacation though. By doing some research and being flexible with your travel plans, you can still find the right destination to satisfy your travel bug.
Airfare Expected To Become More Expensive
If you’re planning to travel overseas this summer, be prepared to pay a premium. Hopper’s report found that flights to Europe are 24% higher than they were before the pandemic. Similarly, flights to Asia are a whopping 60% higher.
High demand and lower supply on international routes are driving airfares to their highest levels in at least five years. Europe and Asia will capture more than half of international demand this summer, but will also see some of the highest price increases in the last four years.
While domestic airfares are more stable, they are still on the rise. According to the study, flying within the U.S. will cost travelers $285 on average, which is $50 less than the same time last year. Domestic airfares this year are similar to those in 2019 thanks to the increased capacity of domestic airlines above 2019 levels and lower jet fuel costs compared to last year. Airfares are expected to rise in June, however, due to increased demand for summer and fall getaways, with prices expected to return to pre-pandemic levels by the end of summer.
Hospitality And Rental Cars
The cost of hotels has increased significantly since the beginning of the pandemic. Hopper’s study found that the average cost of a hotel room in the United States is $216 per night, a 29% increase from April 2022. This is due in part to hotel guests paying a premium for select services, such as swimming pools and pet-friendly accommodations.
If you’re renting a car this summer, you’ll be glad to know rental car prices have dropped 21% from last year to $38 per day. Relief at the pump is also good news as gas prices have dropped nearly $0.40 per gallon compared to last year.
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