If you’ve held off on a big vacation this year due to airfares, now may be the time to jump on booking that trip you’ve been delaying.
CBS News Senior Travel Adviser Peter Greenberg says it’s becoming a buyer’s market.
“Americans were not price sensitive when it came to travel this year, they were bound and determined to travel at any cost, emphasis on the words at any cost. Their credit card bills have come in and they are in sticker shock. They cannot believe how much they paid, and basically, many of them are making the decision that is it for me for the rest of 2022,” Greenberg said.
“We see that in forward looking bookings, now until the end of the year, already, airfare have dropped 27% from what they were in May and in the next 10 days we expect them to drop another 20%, so if you are a smart and strategic traveler and have any money left in your bank account, now is the time to start booking for the fall.”
What about hotel and car rental prices?
“Well, hotel reservations were very full this summer. In fact, hotel prices were 34% above where they were in 2019, but they are coming down now as well,” Greenberg said. “Part of it is seasonality, kids are back in school, people are back at work, and part of it is that credit card sticker shot. So if you want to plan ahead, again, other than the obvious and usual suspects of Thanksgiving and Christmas, you will probably get a much better deal.”
Flight cancellations are still an issue with the airline industry, as they have been all summer. What’s being done to bring relief to consumers who may see their flights delayed or canceled.
“Well there are two parallel things happening. One is bill introduced by Senator Markey and Congressman Cohen which would require airlines to issue an immediate refund if they cancel your flight for any reason. There is DOT rules on this already, but this would solidify it as a piece of legislation,” Greenberg said.
“But the most pressing one is the one issued by the U.S .Department of Transportation which requires airlines to refund money if they delay your flight more than three hours or if they change your arrival or departure city. That is a big departure from previous rules and it would require airlines to redefine the word delay in consumer’s favor.”
Greenberg warns, however, that federal rules require a 90-day comment period, so the earliest any changes would be made is the end of 2022.