Pent-up “revenge” travel combined with relaxed restrictions caused a surge in demand. High fuel prices and limited airline capacity drove up costs, with overall travel prices increasing 17% over pre-pandemic levels by June 2022, according to NerdWallet’s Travel Price Index.
Overall trip prices remained 15% higher in January 2023 compared with January 2020, before travel plummeted because of the pandemic. Given the huge spikes in travel prices last year, a 4% increase is relatively modest. Airfares, on the other hand, could see a decrease in price this summer compared with last year.says. “That’s about 10% lower than last year but 10% higher than 2019 prices.”
Another trend that seems to be continuing this year: more travelers choosing to book trips during the shoulder seasons around the summer, late spring and early fall. The number of U.S. passengers leaving for international destinations was up 75% in January 2023 compared with January 2022 and up 8% compared with January 2019, according to data from the International Trade Administration, a U.S. government agency. The biggest shift has been in departures to Asia, which have seen a staggering 380% increase between January 2022 and January 2023. It’s a shift that seems likely to accelerate into the summer, according to experts.says.