(ThePennyWatcher.com) – We have all been there. Sitting at the computer and searching for the best flights for your upcoming trip. You see a great rate, and for some reason pass it up thinking you will get a better price some other time.
While the rates do fluctuate, and there is some strategy to when you should finally pull the trigger and lock down your flight.
But understanding how airline rates operate, factors affecting them, as well as specific dates/times when the best prices may be found are all essential elements in finding great savings opportunities when booking.
Airline prices vary depending on supply and demand, using complex algorithms to adapt prices according to factors like the number of seats available, destination location, time of year etc.
As with anything, demand drives prices higher, and more demand means higher costs.
Factors Affecting Airline Ticket Prices
So when should you target your purchase? Well for one seasonality, demand and supply are three primary influences that play a part in airline ticket pricing. Just like with any product we purchase, prices tend to increase during high travel seasons such as summer and winter holidays.
As straightforward as this may appear, we must all do what we can to achieve the lowest rates possible.
This isn’t ground breaking advice, but just general awareness as to Holiday seasossn especially will dictate how early you should jump on your flight.
But, industry professionals do believe the ideal times and days to book flights are on Tuesday or Wednesday, as these tend to be the days with lower travel volumes and prices.
And our team finds that using a mix strategy of your go to accounts such as Priceline or Expedia in addition to some other sites are needed to compare. And don’t forget “Google Flights” as sometimes we find the best rates here.
Even try Incognito mode as sometimes your browser will log previous sessions and higher rates, so pay attention to that.
So as mentioned, airlines do tend to release sales on Mondays, giving other airlines time to match prices on Tuesday. Once price adjustments are made, Wednesday is often where the best deals can be found; moreover, data suggests that Tuesday, Wednesday and Saturday tend to be the cheapest days for traveling.
Setting Price Alerts:
Make use of travel apps or websites that send notifications whenever the price of tickets or airfare has decreased or when there are sales on flights.
Plan ahead:
Don’t keep on waiting. If you see a very cheap rate that surpries you, go for it after doing some brief research. You will never win playing the waiting game. The more time goes by, the higher the price will go up.
Safe travels!
