Travel expert suggests booking airfare now as airline CEO warns prices will keep rising
Airlines have warned that airfare prices could continue to soar due to the war in Iran and rising oil prices, so travel experts suggest now is the best time to book summer flights and navigate any fare adjustments down the road.
Amid the ongoing Middle East conflict, United Airlines CEO Scott Kirby told ABC News that ticket prices will need to go up 20% to help cover the surging cost of jet fuel which is now up more than 70% since the start of the war.
Kirby also said that travelers should lock in any planned trips at current airfare rates now.
"It's no wonder airlines are raising red flags around rising oil prices and being pretty vocal about it. If one of their biggest expenses rises, they are going to look at ways to mitigate the impacts, and history has shown that one such way is to try to pass some expense onto consumers," Katy Nastro, of airfare monitoring site Going.com, told ABC News.
In looking at past summer flight price data from Going, Nastro said she noticed the average median domestic fare was up roughly 18%, but noted that's not necessarily for every flight across every carrier.
But it's not just fuel, Nastro explained that demand also has a large impact on fares.
"If people decide not to travel as much because fares are too high, we could see some deflation or spending down. If the economy goes south, budget carriers could be the ones with revenue heading north," she said.
Regardless if oil prices spike or not, Nastro said "travelers should be looking at booking their summer flights now."
Airfare booking tips, how to track and save on flights as airlines warn of price increases
"We preach the Goldilocks Window on when travelers should buy flights," Nastro said. "However with this year's curveball of spiking oil prices, unpredictability is the only thing certain for airfare these days. The only predictable thing travelers can do now is lock in their airfare before prices creep even higher."
The Goldilocks Window is a widely used travel booking term that refers to the ideal time to book your flight that's not too early or too late for the price to be just right.
"It might hurt a little more, but paying for the main economy ticket is how travelers can save even amidst the uncertainty ahead," Nastro said, since basic economy fares -- though they may be the cheapest option -- are more restrictive if the fare drops.
"Main economy allows for changes even after booking, so say that flight to Palm Springs drops by $50 you can call the airline to have them rebook you, getting that $50 back in the form of an e-credit to use for future flights," she said.
As always, travelers should set a Google Flights price alert so that if the fare drops, they can call the airline and get the difference refunded in the form of a flight credit.
There are many flight tracking platforms and apps which can be helpful, especially now, to help take the guesswork out for travelers. Some may take a fee and others are subscription-based, but there are also apps like Going with built-in tracking.
While flight deals may not be as prevalent as last year, Nastro said there may still be some margins for savings. "They may just be slightly harder to track, hence why deal services can be another helpful tool," she added.
"Travelers may need to make more concessions this year if they don't want to shell out more," Nastro explained, such as booking a flight with a layover.
In general, there a few additional tried and true travel expert-approved tips to keep in mind when booking airfare.
Stay flexible with travel dates and remember that Tuesdays in the summer are typically the least busy and cheapest day to fly.
Use any stockpiled credit card points as now is a good time to redeem them for airline miles so you're paying less cash.
When booking award travel with points, look out for fuel surcharges, especially with international trips. For example, if you're trying to book a ticket to London with points, British Airways might charge a higher fuel surcharge than if you book that same flight through its partner American Airlines.
