Chicago O’Hare International Airport. Nov. 9, 2022
Leslie Josephs | CNBC
Consumers have booked fewer flights for Thanksgiving week than they did three years ago, before the Covid pandemic, in keeping with Adobe data released Thursday.
Domestic bookings are down 7% from the identical point in 2019, but high fares have translated to a 3% increase in revenue.
Air travel demand has been resilient this 12 months, despite high inflation and a very sharp rise in fares, helping airlines greater than make up for a surge in fuel and other costs.
Inflation in October rose lower than expected, but airfare was up nearly 43% from last 12 months.
“The slower bookings growth indicates that some consumers could also be waiting to see if prices come down materially, while others may pursue alternate types of travel, similar to by automobile or train,” Adobe said in its report, which checked out online bookings of six of the ten largest U.S. carriers.
Consumers have spent $76 billion on flights online this 12 months, up 17% from 2019, Adobe said. Bookings rose 5%, showing a bit of the rise was on account of higher fares.