Angus Whitley | Bloomberg News (TNS) Qantas Airways Ltd., not known for usually offering big discounts, has cut prices more than six times this year. Virgin Australia is averaging at least one fare sale a month.
Even Ryanair Holdings Plc, which practically invented affordable European air travel, says flights are getting cheaper. Passengers around the world are winning some respite from the fare madness that followed the pandemic — and further price declines are coming. It’s a partial rebalancing of power from the post-COVID demand surge that gave airlines almost free rein over fares.
As travel restrictions lifted and the world rushed to reconnect, prices ballooned for the reduced number of seats that were available. Premium fares reached more than $20,000. Now, falling fares reflect the growing number of international flights on offer, particularly in Asia and Europe, and a traveling public that is increasingly cost conscious.
“It’s not just a blip, it’s a global trend,” said James Kavanagh, chief executive officer of leisure at Brisbane-based travel agency Flight Centre Travel Group Ltd. “Airlines certainly don’t have all the power at the moment.” International fares globally fell 6% in the first six months of 2024 from the year-ago period, Flight Centre said.
Flights out of Australia were 13% cheaper, while fares to Indonesia — home to Bali, one of Australia’s favorite getaways — slumped 18%, Flight Centre said. Prices will continue to fall as the c.