09/22/2021
Avoid these critical mistakes when shopping for airfare!
The next time you're on an airplane, think about how much your ticket cost and then imagine how much the person next to you paid. The prices might be wildly different. That's because airfares are uniquely volatile and finding good prices has become an art form in and of itself. Airfare is unlike anything else we buy, it is uniquely priced. It doesn't behave like other things, and as a result we face uncertainty when buying.
You may buy a round-trip flight for $500, only to see the same seats going for $250 the next day. Or, you hold off on buying that $500 flight because you hope the price goes down, and end up watching it climb up to $750 the next day.
The reason is because often times people avoid making purchases against their better judgment, or allow irrational thoughts to get the better of them. Here are a few psychological and mental biases that prey on consumers looking for airfare:
DON'T PROCRASTINATE OR ENGAGE IN WISHFUL THINKING
One of the worst things you can do while searching for airfare is waiting until the last minute to purchase your seats, hoping that prices will drop because this, along with tactics like clearing your cookies or searching in a private browser tab is wishful thinking. Waiting until the last minute, in the hopes there will be a sale, is a thing of the past and has not existed for a long time, as is the bygone era of cheap last minute ‘standby flights.’ Waiting is a recipe for disaster for travel reservations.
It’s ideal to search during what is called the "Goldilocks window," which for domestic flights, is usually about three months ahead of your travel dates but not later than one month ahead of your departure time. For international flights, it's six months ahead of time and no later than 2 months ahead of departure.
Most airfares are posted about 330 days ahead of travel dates, however, if you book your flights that far in advance, those prices may not end up being the best fares. You also should consider purchasing travel insurance, in that scenario, because anything can happen in that long a period of time that could affect your trip.
DON'T TRY TO COMPARE TO WHAT YOU PAID IN THE PAST
Many travelers base their purchasing decisions on the price they paid for their last trip. Say, for example, that you flew round trip to Italy in 2016 for $1,000. Now, you want to return and you're seeing comparable fares that cost $1,100. "You might think, 'OK, that's about what I paid last time, that's a pretty good price.' That thinking is not accurate at all. Keep in mind, airfares of the past have no influence on the current fare situation, NONE AT ALL.
Airfares are determined by several factors such as, the time of year (shoulder/peak/off season), dates that include a holiday (including valentines day/ mother’s day/halloween, etc), special events occurring at your destination (concerts/shows/festivals, etc). Additionally, specific flight situations affect airfares significantly and can cause fare changes hourly, daily & weekly depending on the demand for those flights. These include departure/arrival times (AM/PM/red eye), direct & non-stop flights vs flights with connections/layovers, length of the trip (3 days/1 week/1 month/6 months). However, the biggest factor that affects airfares, in general, is the ‘advance purchase rule’, the sooner, the better!! SAFE TRAVELS!!!