Airfares in Europe have gone back in line with the pre-pandemic normal, according to data released today.
“Pricing in Europe appears to be in line with pre-pandemic rates of 2017-2019, indicating that after a busy summer period the industry has been able to recover to somewhat normal levels,” said Elise Weber, chief executive of airfare benchmark administrator Skytra.
Figures show prices dipping at the end of August following a strong summer season which saw airfares hedge close to 0.2 USD/RPK.
This represents the average amount an airline receives to transport a passenger for one kilometre and it’s used to measure carriers’ revenues from ticket selling.
Prices, however, are gradually increasing once again and will continue to do so until mid-October due to the impact of the half-term holiday season.
This remains in line with typical seasonal trends.
According to Weber, while fares in Europe are going back to pre-Covid levels, ticket prices in the US remain sky-high.
“Although the directional pricing trend appears in line with what we would expect, the average prices for North American domestic flights are still much higher than any time before 2015, including summer peaks,” she added.
Prices for US domestic flights dropped significantly in August, going below 0.14 USD/RPK at the end of the month.
The slump is expected to continue until mid-September, with fares going back up until mid-October.
The reason behind the discrepancy between the US and EU are multiple and include the US recovering at a higher pace as well as European airlines being more insulated from fuel price rises.