As the post-pandemic travel surge finally starts to wane, deal-seekers are in for a treat this fall. After a period of explosive growth driven by “revenge travel,” where vacationers splurged on bucket-list experiences and lavish getaways, the travel market is showing signs of cooling off. This shift is translating into lower airfares and enticing hotel perks, making it an opportune time for budget-conscious travelers to score bargains.
The frenetic pace of travel spending that took off in 2021, fueled by individuals using savings, incurring debt, or even selling homes for dream vacations, is now slowing. While affluent travelers continue to indulge in luxury escapes, others are reining in their travel budgets to cope with the high cost of living. According to Tourism Economics, the rapid rise in travel spending that marked the post-pandemic period has reached a plateau. Major hotel chains like Hilton and Hyatt have reported reduced demand for their lower-priced brands, while online travel agencies such as Expedia Group and Booking Holdings, along with short-term rental platforms like Airbnb, have noted a slowdown in bookings.
This moderation in travel demand is offering significant advantages for those still eager to explore. With the intense travel rush easing, travelers can now take advantage of reduced prices and added incentives. Steve Hafner, CEO of Kayak, emphasizes that the fall season is a prime opportunity for travelers to “snag up a deal,” thanks to the diminishing revenge travel effect.
In the hotel sector, lodging costs have remained relatively stable, but many establishments are sweetening the deal with added perks. Jamie Lane, chief economist at AirDNA, notes a noticeable dip in demand for lower-tier hotel options and short-term rentals, prompting accommodations to offer extra incentives such as room upgrades and complimentary amenities. Melanie Fish, head of global public relations for Expedia Group Brands, highlights that while prices may not be dropping significantly, hotels are increasingly offering perks like free breakfasts, spa discounts, and bottles of champagne to attract bookings. For instance, a search on Hotels.com revealed significant discounts for Labor Day weekend stays, with some properties offering up to 30% off.
The trend of last-minute bookings, which surged during the pandemic, is also still prevalent. AirDNA’s research indicates that last-minute reservations for short-term rentals have nearly doubled since 2019, reflecting travelers’ tendency to book closer to their desired travel dates. This pattern aligns with findings from Ellie Mertz, CFO at Airbnb, who notes that while consumers are not abandoning plans for holidays like Thanksgiving or Christmas, they are delaying bookings.
In the realm of air travel, lower prices and increased capacity are making fall travel more affordable. Despite a robust demand for flights in 2024, with traffic levels matching those of 2019, the pace of new bookings slowed down in the summer. The International Air Transport Association attributes this to a return to pre-pandemic growth levels. As a result, airfares for international flights from the United States are down by about 3% compared to last year. Domestic airfare is also lower, with average round-trip tickets in September costing about 8% less than in September 2023. For example, Alaska Airlines is offering round-trip flights from Los Angeles to Honolulu for under $300, while international routes such as New York to Lisbon with Tap Air Portugal are priced around $500. Additionally, Southwest Airlines and American Airlines are running fall sales with discounted domestic and South American flights, respectively.
Cruise vacations are experiencing a surge in popularity as well, with demand reaching record levels. The Cruise Lines International Association forecasts that 34.7 million passengers will embark on cruises by the end of 2024, a substantial increase from pre-pandemic figures. Cruises are drawing travelers with their all-inclusive packages, which offer good value compared to traditional land-based vacations. For instance, Lisa Trembley from North Carolina booked a Mediterranean cruise for next year, attracted by the ease and value it provides compared to planning multiple individual components of a European trip.
In summary, as the travel industry adjusts to a more stable post-pandemic landscape, savvy travelers can benefit from lower prices and added incentives. Whether booking a last-minute getaway, taking advantage of hotel perks, or exploring discounted airfare, fall presents a prime opportunity to enjoy travel without breaking the bank.
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