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Holiday airfares hit 10-year high as jet fuel prices near record
With U.S. jet fuel prices close to an all-time high, Thanksgiving and Christmas airfares have climbed to their highest level in a decade. Hopper says domestic Thanksgiving round trips now average $402, up 31% from last year.
Americans planning to fly for the holidays are facing the steepest fares in a decade as jet fuel prices hover near record levels. The average U.S. jet fuel price topped $4.75 a gallon this week, according to Argus data cited by NPR, close to an all-time high and nearly double its level a year ago.
Travel booking app Hopper says holiday airfares have reached 10-year highs. The average domestic round-trip fare for Thanksgiving is $402, up 31%, or $95, from last year, while Christmas tickets average $452, up 23%. Hopper ties the increase to months of elevated fuel costs linked to the war with Iran, which has constrained global oil supply.
Airlines absorb part of the cost
Fuel can account for up to 30% of an airline's operating costs. Airlines for America, the industry's trade group, said carriers are absorbing most of the increase and passing some of it on to customers, while airlines have also added surcharges and trimmed routes. Delta's chief executive has described a "limited amount of resistance" from consumers, and Hopper economist Hayley Berg expects travelers to keep booking despite the higher prices.
Some travelers, however, say they are being priced out of holiday flights altogether. In Europe, Ryanair's chief executive has predicted that fares could rise by 10% to 20% next year.
How to save
Hopper recommends booking Thanksgiving and Christmas trips before Halloween, when it expects fares to rise further. For Thanksgiving on Nov. 26, flying out on the Monday or Tuesday before is cheaper than Wednesday, and Monday, Nov. 23, is the most affordable departure day, with fares averaging $370. Returning on Sunday, Nov. 29, costs about $250 more per round trip than other days. For Christmas, Hopper advises avoiding Dec. 18, 19, 20 and 27.
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