According to a recent report from travel booking site Hopper, airfares to Europe and Asia have reached a five-year high, and almost every aspect of travel is becoming more expensive.
The average cost of a round trip airfare to Europe has gone up to $1,167, compared to last year’s cost of $850, while airfares to Asia have surged to an average of $1,817 for a round trip ticket, as opposed to just $917 in the summer of 2020, during the pandemic.
The cost of hotel bookings has also increased significantly. The most sought-after destination, New York City, is 51% more expensive than last year and now costs an average of $361. Other popular cities, such as Miami and Las Vegas, also saw average nightly rates rise 33% (to $204 per night) and 23% (to $154 per night), respectively.
Travelers may find some relief in the cost of car rentals, as prices have dropped since last summer. In Orlando, Florida, the average daily rate for a five-day rental has decreased by 35% to $27. Similarly, in Las Vegas, the average daily rate for a four-day rental has decreased by 26% to $34 per day.
The report suggests that travelers who act quickly may still be able to find some deals for summer getaways.
“If you haven’t booked summer plans yet, you’ll want to do so as soon as possible. Prices are expected to rise in the coming weeks. Now is the sweet spot for getting a good deal,” Hopper’s Chief Economist Haley Berg said in a statement.
Berg says travelers could save an average of 17% on domestic flights if they flew during the week, and also advises them to postpone their summer travel plans and wait for the fall season. According to Berg, you can get significant discounts of up to 30% off peak prices for travel to Europe during the off-season from September to November.
The travel industry is anticipating a record-breaking summer season. A recent report by travel insurance company Allianz predicts that travel to Europe during the summer will increase by 55% compared to the same period last year.