Why is my plane ticket getting more and more expensive?
Thursday, January 12, 2023
If you've recently looked into air travel, the prices you discovered probably shocked you. Even if you make every effort to be flexible with your trip dates and the airports at your destination, it just seems impossible to find the same low price you've become accustomed to in recent years.
What accounts for the current high cost of plane tickets? We'll touch on a few of the key causes for the all-time high in ticket prices in this blog.
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Skyrocketing costs of gas prices, causing all things energy-related including plane tickets to increase
When the epidemic hit, oil prices fell to all-time lows. Airlines could offer very cheap costs thanks to the almost nonexistent demand for tickets. But the oil market swiftly bounced back, and fuel became more expensive due to price increases, which reduced profit margins since demand only slowly recovered. Due to the geopolitical unrest caused by Russia's invasion of Ukraine, demand for non-Russian flights has increased, and fuel prices have reached all-time highs. Russian airlines have also been shunned internationally. As a result, we are now witnessing some extremely pricey tickets.
The rules of supply and demand: airlines are free to charge more knowing that plane tickets will sell regardless
Airlines are aware that they can charge more when more people want to fly, including on specific routes. When the opposite happens, and fewer people are looking to buy tickets, airlines must drop their pricing to sell more seats. A lot of people are looking to travel right now, hence prices for tickets have increased.
The economical effects of the pandemic caused a downturned shift that has now gone in the other direction
You're probably aware that the travel sector was essentially shut down for a while due to the pandemic. Fewer people were seeking out airplane tickets in 2020 and 2021, whether it was out of need due to lockdowns and closures or out of choice because travellers didn't feel comfortable. Naturally, the cost of flying dropped during this time. The pendulum swung in the opposite way when conditions improved and borders opened. Demand surged, making those amazingly low ticket prices more difficult to find.
Staffing shortages in the travel sector affect the speed of airline processes and make wages more competitive
Over the past few years, hundreds of thousands of pilots, flight attendants, ground handlers, and other aviation employees have lost their jobs. As travel increases, the industry is now finding it difficult to fill positions quickly enough to maintain operations at their pre-pandemic levels.
A major loss of business travellers due to the change in requirements to work in person
The airline industry adores corporate passengers since they are less price-sensitive than leisure travellers. Additionally, they are more likely to reserve the more costly seats in advance, which increases their profit. Corporate workers frequently fill the cabin on business trips, which is why it is named business class. More money can be made for airlines by charging greater rates. In order to maximize profit, airlines will place business-heavy seat combinations on the proper routes. Following COVID-19, several organizations adopted working-from-home policies and came to the conclusion that frequent travel might not be necessary to maintain company flow.
How long will plane tickets be so expensive?
It's hard to predict how long we'll have to put up with expensive tickets. Prices are anticipated to moderate significantly in the future, despite the fact that they may appear extreme at the time. Winter and fall costs (excluding holidays), especially given that the scorching summer season has just ended, are anticipated to decline. Depending on how the epidemic develops in the future, there is a chance that prices will increase once more, but it appears that many travellers today are willing to pay whatever the cost.
If you experience a flight delay or cancellation, both based on certain conditions, you may be eligible for up to £520 in flight compensation, a refund of your ticket, or even both! At Flight-Delayed.co.uk, you can easily check if you qualify for compensation in a matter of minutes.
Make sure you are qualified for the compensation and refund by using our free Claim Calculator first.
If you are, you can subsequently choose to submit a claim on your own or have us take care of everything. Simply enter all necessary information into our online system, and we'll handle the rest—including any potential legal actions—for you.
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