The reason airline tickets seem to be getting a little more affordable these days is because prices are trending down.
The average domestic airfare in 2023 was $382, 3.1% lower than the inflation-adjusted average fare of $394 in 2022, according to data released Tuesday by the U.S. Department of Transportation. That's 36.4% lower than the peak price of $600 recorded in 2000.
This news comes as costs continue to rise in most other areas, yet the desire to travel continues to grow.
“Passenger demand increased in the first quarter of 2023, with U.S. airlines reporting 75.4 million departing passengers, an increase of 138.8% from 31.6 million in the fourth quarter of 2020,” the DOT said in a press release. Ta. “U.S. passenger airlines collected $39.2 billion in total operating revenue from passenger fares in the first three months of 2023, 74.2% of that revenue, down from 88.5% in 1990.”
As for this year's numbers, NerdWallet reports that airfares in March were down 7.1% compared to the same month in 2023, and airfares have only increased by 2.6% since 2019, before the pandemic began. do not have.
Although prices are down a bit, airlines like Delta are still benefiting from the travel boom. Delta Air Lines' first-quarter earnings report highlighted a $37 million profit supported by strong demand, and the airline said it expects this trend to continue through the summer.
