When prices rise, demand falls, this is one of the most basic laws of economics we all know.
The summer season is not yet over, and vacationers aren’t interested in canceling their plans despite rising travel costs and inflation.
Survey results by the financial services company Bankrate shows that, 70 percent of those who were planning summer vacations expected to change their plans because of inflation.
Zeta Global conducted a survey, which found that 74% of travelers are actively searching for ways to save money on travel.
Here are some suggestions from savvy travelers and industry insiders that you can follow:
Look for a flights that are cheaper
In a survey by the travel booking website VacationRenter, savers spend 23% less on flights in comparison to those who aren’t.
As per the survey, some of the strategies are:
- tracking ticket prices (28%),
- using a single carry-on bag (48%),
- booking with a budget airline (52%),
- using credit card rewards (39%).
Apps are used by one out of three respondents for saving money on flights. Skyscanner, for instance is an app that lets users set price alerts, look up flexible flight dates and nearby airports, and mix and match airlines to find the best deals, according to its website.
Booking “red-eye” flights (25%) or choosing a longer-distance airport (16%) are less likely to be sacrifices for comfort and convenience.
One of the best ways to find a cheap flight is to be flexible with your travel dates, according to the travel app Hopper, which suggested you depart on a Wednesday instead of a Friday to save $35.
Hopper says the same approach works for hotel stays as well. By booking a hotel for a two-night stay on a Thursday instead of a Friday or Saturday, you can save an average of $60.
Additionally, watch for new routes or services that enter local airports. Adding a new route to an airline’s schedule can cause airfares to fall, according to Hopper. Promos are also often launched by airlines to spread the word.
Frontier Airlines’ services from Chicago Midway International Airport started theri services this summer in a similar way, said Hayley Berg, Hopper’s chief economist.
“Airfare from Chicago to Tampa dropped from an average of $278 per ticket to just over $100 per ticket for departures after April 26, when Frontier’s service began,” Hayley quoted. “Fares for later dates recovered back to [about] $187 ticket, still nearly $100 less than prior to Frontier’s launch.”
The best way to be kept up-to-date on new fares and services is to “sign up for newsletters from your local airport, or airlines,” she said. Moreover, “keep an eye out for press releases and signage at your local airport advertising new services.”
Think about taking a cruise
Cruising tends to have strong feelings among travelers. Although steep discounts on cruise fares might be enough to persuade staunch critics.
According to a Visa Business and Economic Insights’ travel report released in June, some travel costs have risen by more than 50% since the outbreak.
Cruising fares, however, have largely remained the same, as per the report.
Carnival Cruise Line is offering four-night cruises from Los Angeles to Mexico for $26 a night in August, according to priceline.com. Onboard meals are included in the rates, but taxes and government fees are not. These fees result in a bill for two people of $456 – or roughly $57 per person per night.
Prices for Norwegian Cruise Line’s Alaska cruises on Priceline start at $58.
According to Priceline, cruises from Singapore to Penang, Malaysia cost $80 per night, while cruises to Croatia and Israel start at $70 per night in Europe.
Along with reduced fares, cruise lines are offering other offers to entice passengers back on board. Celebrity Cruises offers up to $500 in onboard credits, while Royal Caribbean is offering letting kids sail for free on select cruises, as per their websites.
Select New Hotels
You can also save money by looking for new opened hotels.
Through its “Start with a Bang” promo, The Standard, Bangkok Mahanakhon, which opens July 29 in Bangkok, is offering 25% off on its best available rates through Aug. 31.
According to a company representative, the Royal Uno All Inclusive Resort & Spa is offering 25% off rates for its launch celebration and giving guests $500 in resort credits.
Several of the Royal Uno hotel’s restaurants, a spa, and a gym have not yet opened, but “management mentioned they will be open late summer.” told by company representative.
The incident involved Debbie Wong, a New Zealander who booked a vacation at a luxury hotel in Cambodia, which was supposed to open in 2019.
“We had booked months before but as we got closer to the dates, they said they were not ready to open,” she said.
Due to the Lunar New Year, other hotels in the area were fully booked, said Wong.
“They then agreed to let us stay for free, with free spa treatments,” she added. “It was 200 staff for just us, another couple and some people from [the hotel’s] headquarters.”
She believes part of the reason why the hotel agreed to this arrangement was because she had stayed at one of the brand’s sister hotels before.
“It was the most amazing trip we’ve ever had,” she added.
Delay Your Summer Plans
In CNBC’s search for money-saving tips, delaying plans until summer or fall was the best method.
According to Hopper, traveling during the last two weeks of August can save travelers an average of $120 per flight.
Those whose plans include international travel can save even more if they delay their plans until the fall, according Scott’s Cheap Flights. To demonstrate how much travelers save by delaying trips to the fall, the company directly compared flights to Europe, the Caribbean, and Mexico.
In an interview with Willis Orlando, leader of the company’s product operations team, he said: “It’s easy to look at sky-high summer fares and assume that the days of cheap flights are over.”
“Not so fast,” was his response.
“Today’s sky-high prices are more likely than not a temporary reaction to an extreme surge in demand,” he said. And that’s why “there’s never been a better time to be flexible with your plans and travel in shoulder season.”
Make sure the Gas is covered
Hotels are directly responding to travelers’ transportation woes by offsetting high gasoline prices.
The Crowne Plaza HY36 in New York, the Hotel Valencia Riverwalk in San Antonio, and the Little America hotel in Flagstaff, Arizona all offer a $50 gas card to those staying, while those staying at Graduate Nashville in Tennessee can show gas receipts for discounts of up to $100.
In order to entice Singaporeans to visit Malaysia, Shangri-La is rebating fuel charges for guests who drive to its hotels in Kuala Lumpur, Penang, and Johor.