I have had major setbacks while booking flight tickets! According to some, tickets are the cheapest on Tuesdays – I tried that and later realized "It's just a myth". Sometimes, I kept checking the tickets hoping the prices might reduce, but later I realized that it never happens!
There are several factors that influence the price of the flight tickets to fluctuate. I'm here to help you understand what actually happens when you're trying to book your tickets!
1. The price of airfare follows the demand trend.
We all know about how supply and demand works. It is no different in case of flight tickets. The demand of the product affects the amount you end up paying for your flight tickets. This is closely connected with the seasonal aspect of flight demand, and it could be anything. Like
• A big event like Football World Cup
• Reopening of Tourism boom after pandemic closures
Tip: Use search engines like Skyscanner, use alert services like Thrifty Traveller Premium to track the low prices during certain times.
2. Oil prices play an important role!
This is something you cannot ignore! Looking at the current trend, you can see that the fuel prices are going up and unfortunately, airlines have to adjust to the prices.
Geopolitical events, wars and other economic conditions affect the price of oil and that is when you can feel a change in your ticket prices.
Tip: Sign up for services like Scott’s Cheap Flights or Dollar Flight Club to look out for one of those rare moments when the airline prices hit rock-bottom. They will keep you informed about great deals.
3. Flight fares vary with change of seasons!
Did you know about this? The prices shoot up during holiday seasons, Christmas and New Year - basically, when more people travel for vacay!
Tip: You can travel during off-season to avoid paying the inflated price.
For e.g. – If Greece is on your bucket list, then take a winter trip to Santorini instead of planning in August.
4. Prices drop owing to more competition.
The time you find the best and cheap ticket prices is when multiple airlines compete with each other on a particular route.
E.g. – Mumbai to Delhi/ Bangalore has numerous flights so you will find a lot of deals.
On the other hand, Mumbai to Pakyong (Gangtok) is not a route that's frequently opted for, so you will rarely find it for a low price.
5. Did you know business travellers can also affect ticket prices?
Yes!! I am sure you didn’t know about this!! Although First Class and Business Class are too cool to be flying in, but they do impact the price of the economy class. Business class travellers are the ones who have the priority to be at a certain place, on a particular day and sometimes, they prefer a specific airline. So, they end up purchasing a higher booking class and hence, become more valuable to the airlines. This eventually ends up affecting the economy class tickets as well.
6. Flight timings also affect the price!
Some airlines set their ticket prices based on the day and time of the flight! It might seem insignificant at the offset, but mid-week flights like the ones on Tuesdays, Wednesdays and Thursdays are the cheapest. Other days coincide with the weekends wherein a lot of people travel and hence the prices are high!
7. The longer the distance, the higher the fare.
Longer flights cost more, not only because of more fuel consumption, but also because payment to crew members, overflight fees, extra food, and drinks onboard are considered. Those long flights may even need an extra pilot or a set of flight attendants, that would get included in the price of the flight ticket.
8. The price also depends on the time when you're buying the tickets!
This busts the old myth of “Cheapest Tuesdays”! Airlines run algorithms when exactly the seats on their planes are most valuable to the travellers, so that they can accordingly charge the right price at the right time.
Best and Worst Time to book flights
• Booking flight tickets before a trip at short notice.
• Booking too far in advance is also not a good choice as the airlines can take advantage of those who plan to book tickets way in advance.
• The best bet is to book tickets 3-5 months in advance when airlines are ready to start filling the seats. During these times, the cheapest tickets will be of mid-week ones.
9. Full-Service Carriers vs. Low-Cost Airlines
I have always wondered how come “low-cost” carriers or “budget” airlines afford such low rates. This is why:
• By law airlines are supposed to advertise their fares with all taxes and fees included.
• But those taxes and fees would not include everything that you would want included in your ticket, like a full-sized carry-on bag, a checked bag, drinks or food on the place or even a printed boarding pass.
So, by the time you end up paying for your ticket all those “hidden” item costs get included!!
10. Taxes are added to the flight price.
As discussed before, two factors that are included in the airline fares are:
• Taxes
• Additional fees
If you are thinking that these are charged for luggage or extra legroom, then you are wrong! These fees and taxes are charged by the airports and the government from the airlines.
What costs are included in taxes & fees:
• Bigger airports are likely to charge more than smaller airports.
• For international flights taxes such as customs and border fees are charged.
• Bigger planes cost more to land than smaller ones!
The dilemma of the day or time or season to buy tickets during travel is one of the most discussed topics around which the discussions are mostly on “possibilities”. This article is to make travellers aware on what goes into pricing of airfare so that next time they book, they know when and from where to book.
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