Did that passing thought about a last-minute summer trip to Europe or California unpass after going on Google Flights (GOOGL) and seeing what it'll cost you?
You're far from the only one as flight prices have been through-the-roof lately.
Just How Expensive Is It To Fly Now?
According to the latest data from Adobe Analytics (ADBE), domestic flight prices are up 30% since 2019 and a whopping 47% since January 2022.
Meanwhile, Americans spent a collective $8.3 billion to travel within the country in May. This is 6.2% higher than the $7.8 billion seen in April.
As prime travel season, the summer has always seen higher flight prices compared to other times of the year.
But between record-high inflation and increased wanderlust as people emerge from the pandemic, this season is a particular costly time to go somewhere far away.
The signs of sky-high prices are slowly trickling down into purchasing power and overall travel numbers. While overall spending is up, bookings were down 2.3% between April and May.
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Domestic bookings are also down 2% percent when compared to 2019.
The total money spent is up 11% due to customers shelling out more overall.
"We are beginning to see a more notable shift from goods to services, with consumers spending over half a billion dollars more on domestic flights in May," Vivek Pandya, lead analyst at Adobe Digital Insights, said in a statement.
"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."
The Adobe numbers did not look at statistics on international flying but, if current trends are to be followed, they are also not getting any cheaper.
I Really Want To Go Somewhere. Will Prices Get Better?
Between January and May, Americans spent a collective $37.1 billion on domestic flights online.
During the same five months in 2021, that number was only at $19.2 billion.
A number of conflating factors have come together to create the current situation — as people emerge from the pandemic, airline demand is up but the high p[rices are forcing many to either forgo it or cut back in other areas of spending.
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The bad news is that, far from only travel, inflation in everything is starting to look like an inevitable part of life.
Consumer inflation reached a record-high 8.1% in May while sectors like energy, food and shelter are seeing even higher numbers.
A road trip is also hardly a solution to that summer sense of wanderlust since, at $5.016 a gallon as of June 14, the cost of gas is almost double what it was last year.
According to a recent report from market analytics firm Jungle Scout, 70% of Americans recently cut down on "fun" and "impulse buys" to make up for those sky-high gas prices.
But in illustration of what some call the "two Americas," many people are traveling while others are cutting expenses to try to outpace inflation before it hits crucial items.
Lift, a business term indicating a sudden increase in sales, was particularly high in certain popular destinations.
Bozeman, Montana, Orlando, Florida, and Kailua-Kona, Hawaii are some of the domestic destinations that have been seeing a burst of visitors this year.
