This article has been reviewed according to Science X's editorial process and policies. Editors have highlighted the following attributes while ensuring the content's credibility: The holiday season is a time for getting together to celebrate, but if that get-together involves traveling by air, ticket prices may become a major barrier to holiday cheer. November through early January is a peak travel season in the U.S.
That means airlines can charge significantly more for tickets than during other times of the year, said Garrett Scott, assistant professor of economics at the University of Mississippi. "You can track the average price of tickets over time, and you will see that they peak in November and December," he said. "From the airline's perspective, the ticket is priced well for the demand that exists.
"Of course, we don't like that, but blame the people who are willing to pay that price." Scott recently published "Uncertainty in Dynamic Pricing Environments" in the Southern Economic Journal. In the paper, Scott and his co-author Richmond Woblesseh explore a pricing model of consumer choice concerning airline tickets. While ticket prices peak during the holiday season, smart travelers can find bargains, even among the highest prices.
Scott offers a few basic tips: The first and most important tip is to book as early as possible. Scott recommends booking most flights two or three months in advance. "That is the time when the ticket is priced accurately for what the demand is," he said.
"But it is usually the case that if you buy a ticket further in advance of that two- to three-month window, you can get a better price." Scott recently flew from Memphis to North Carolina, and he bought his ticket eight months in advance at what turned out to be the best price available. While prices can drop close to the departure date in some cases if demand does not meet the airline's expectations, Scott said he would not count on that. More often, prices rise close to the flight time as seats fill up.
"There is some truth to the price dropping at the deadline, due to unsold capacity," he said. "The issue there is if the flight is full, you are not going to get the ticket, so I would not bank on that one." Booking flights for so-called "irregular days" can yield some savings, Scott said. "Think about giving up some time on either side," he said.
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