Why airfare is so high in 2022

Why airfare is so high in 2022

Travelers may feel a dent in their wallets this year as higher fuel prices and strong demand drive up airfare. On Tuesday, the published data revealing travelers spent $8.8 billion for online flight bookings in March, which is a 28% increase compared to the same time in 2019. While spending was up, bookings themselves were actually only 12% higher than in March 2019, the data showed. Moreover, in the first quarter of 2022, consumers spent a whopping $21 billion on domestic airfare. To put that number into perspective, passengers spent $56 billion total in all of 2021, according to Adobe. Rising ticket prices can be attributed to spiking travel demand and fuel costs. The price of jet fuel, which is the second-biggest expense for airlines behind labor, has been rising since the Russia-Ukraine crisis disrupted the global distribution of crude oil. shows jet fuel settling at $3.343 per gallon on April 11. The price is about 35% higher than the beginning of 2022, which saw a fuel price of $2.195 per gallon on January 3, and double the price during the same time last year. Fuel prices have contributed to staggering inflation, which this year is growing at its fastest