Domestic flight prices increased 47% since January
Consumers spent $8.3B in May for domestic flights, but bookings dropped by 2.3%
The cost of domestic airfare has increased "significantly" over the course of 2022, rising 47% since January, according to recent Adobe Analytics data.
In fact, May marked the fourth month in a row when prices rose over pre-pandemic levels, according to Adobe, which measures direct consumer transactions from six of the top 10 U.S. airlines.
Last month, prices surged 30% compared to the same period in 2019. Meanwhile, prices for domestic flights were up 27% in April and 20% in March compared to pre-pandemic levels, according to Adobe.
Meanwhile, prices in February were up 5% compared to 2019 levels.
Passengers walk through Salt Lake City International Airport in Salt Lake City, Oct. 27, 2020. (AP Photo/Rick Bowmer / AP Newsroom)
To better underscore the impact of elevated prices, Adobe tracked the amount consumers collectively spent last month versus actual flight bookings.
DEMAND FOR MAY AIR TRAVEL INCREASES DESPITE ELEVATED PRICES: REPORT
For instance, consumers collectively spent $8.3 billion online for domestic flights in May, which is up 6.2% from April when consumers doled out $7.8 billion.
Although consumers spent over $500 million more in May for flights, actual bookings were down by 2.3% on monthly basis, according to Adobe.
"While some consumers have been able to stomach the higher fares, especially for those who delayed travel plans during the pandemic, the dip in bookings shows that some are rethinking their appetite for getting on a plane," Adobe Digital Insights lead analyst Vivek Pandya said.
A family looks at flight information at Reagan National Airport in Arlington, Virginia, U.S., on Friday, Dec. 24, 2021. (Eric Lee/Bloomberg via Getty Images / Getty Images)
NO MORE CHEAP FLIGHTS: DOMESTIC TRAVEL PRICES UP OVER 20% FROM PRE-PANDEMIC LEVELS, REPORT SAYS
These higher prices are already impacting some of those delayed summer trips.
Domestic bookings for travel between June and August are down 2% compared to this point in 2019, according to Adobe. However, spending on trips during that period is still up 11%.
Overall, consumers spent $37.1 billion online on domestic flights year to date. That's a significant increase from the $19.2 billion consumers collectively spent during the first five months of 2021, according to Adobe.