If you’re planning upcoming summer travel, be prepared for some high prices across the board.
For a third consecutive year, travel costs are rising, according to a report by travel app Hopper. International travel is expected to reach a five-year high. High fuel costs and high demand are behind the increases, resulting in tough decisions for travelers.
Europe and Asia are among the priciest international destinations. Just how pricey? Plane ticket prices to Asia have increased 60 percent since before the pandemic, 24 percent to Europe. Flights of $1,000 or more are considered a “good deal.” While domestic flights are down slightly from the same time last year, costs are still higher than in pre-pandemic times, averaging around $285 a ticket. Travelers will, unfortunately, see more expensive hotel rooms as well, about 29 percent higher than last year.
Despite high costs, travelers are moving forward with booking their trips. According to travel insurance marketplace Squaremouth.com, travelers are spending $9,300 on average on their trips this summer. More than 75 percent of travelers are booking those pricey flights and heading abroad. Perhaps because of the prices, Baby Boomers account for 40 percent of all summer travelers, with the percentage of Gen X, Gen Z and Millennial travelers taking summer trips falling for the second consecutive year.
If you can’t handle the cost of flights, there’s a bright spot: car rentals and gas prices are expected to drop this summer.