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Demand for domestic flight bookings is already slipping in April as airfare prices remain elevated.
In the first 15 days of the month, bookings dropped 2% compared with the last 15 days of March, according to new data from Adobe Analytics.
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During this same period, revenue also fell by 1% as consumers spent a collective $3.4 billion in online bookings.
Travelers walk to their gates at the Philadelphia International Airport on Friday, Dec. 31, 2021, in Philadelphia. (AP Photo/Michael Perez / AP Newsroom) While "there is significant pent-up demand for domestic flights, we see growth slowing in the early April data," Vivek Pandya, Adobe Digital Insights lead analyst, told FOX Business. Pandya acknowledged that this "is partly due to the sizable spend we observed in March, with some travelers having already booked their trips." However, "high prices have had a notable impact, driving a pullback in spend. Consumers are either waiting for fares to come down, or reorienting their travel plans for now," he added. Earlier this month, Adobe reported that as demand picked back up this year, so did ticket prices. The cost for plane tickets increased 20% in March compared with 2019 levels, according to Adobe data. Throughout the month, while online spending was up 28% compared with 2019, actual bookings were up just 12%. NO MORE CHEAP FLIGHTS: DOMESTIC TRAVEL PRICES UP OVER 20% FROM PRE-PANDEMIC LEVELS, REPORT SAYS In February, prices were 5% higher than 2019 levels, which is a shift from January when prices were 3% lower than 2019 levels, according to the data. Still, prices aren't deterring everyone. Travelers walk through Terminal 3 at O’Hare International Airport in Chicago, Ill., Tuesday, Dec. 28, 2021. (AP Photo/Nam Y. Huh, File / AP Newsroom) At this point in the year, flight bookings between June and August, are already up 1% compared with the same time in 2019, according to Adobe. Hawaii is one of the most desired spots to travel to this summer, accounting for four of the five most booked destinations, according to the data. GET FOX BUSINESS ON THE GO BY CLICKING HERE The top five destinations this summer are Belgrade, Montana; Kailua-Kona, Hawaii; Lihue, Hawaii; Kahului, Hawaii; and Honolulu. For its data, Adobe measures direct consumer transactions from six of the top 10 U.S. airlines. Source: Read Full Article
