Things are pretty tough for U.S. travelers when it comes to searching attractive deals on airfares this summer. The present situation has reached its crescendo. Airfares have increased nearly 5 percent nationwide from May 2013 to May 2014. The Bureau of Labor Statistics says that this has been the biggest increase in airfares in the past 3 years. This can be gauged from the fact that the cost of flights from Minneapolis-St. Paul International Airport between Memorial Day and Labor Day averaged $518.
Travel experts attribute the hike to supply and demand ratio. They said that airlines facing financial crunch had to cut capacity for years on to save money. This cut over the years has now resulted in fewer seats than ever before. And, with the summer travel at its peak the fares are bound to be high.
The airlines are elated with their brightened prospects as the planes are now running full capacity. Even the load factors are fantastic at record levels. Other factors are also responsible for high airfares this summer. Apart from capacity cuts during recession, many airlines were also reluctant in adding more aircrafts to their fleet despite earning huge profits. The mergers and acquisitions among major carriers also led to increase in airfares.
Media reports quoting travel experts said that currently the passenger demand is higher, and thus abrupt increase in fares. In fact, the fliers and airlines are into a cat-and-mouse-game.
For example, flying to Twin Cities continues to get costlier by the day because of lack of competition on this route. According to experts, flying out of Minneapolis-St. Paul International Airport tends to be quite costly than 22 out of the 30 major airports. This is despite the fact that low-cost carrier like Spirit Airlines has in recent years started flights to Twin Cities.
However, travel experts at the same time caution that customers shouldn’t do away with their travel plans altogether simply because the airfares are high. The situation might be tough, but it isn’t bleak. There’s still hope left for clinching summer deals if one keep patience and continues to vigorously search for them, which are not that much difficult to come by. The cheap airfares in the current situation only depend on your travel plans and the destination you are traveling to.
Travel experts say that even though the price of domestic tickets has increased by about 5 percent, but here’s a silver lining as well. Roundtrip tickets between Minneapolis-St. Paul and Dallas can still be purchased starting at $198* on Spirit Airlines, while the price of roundtrip ticket for travel between Minneapolis-St. Paul and Boston will cost $318* on Sun Country Airlines. This amply demonstrates that domestic summer travel might be costly, but great deals are still available depending on your efforts and the destination you are traveling. Spirit Airlines is being credited as a game changer in the Twin Cities offering new routes at surprisingly cheap rates than what is being currently offered by other major airlines.