Chicago O’Hare Supranational Airport. Nov. 9, 2022
Leslie Josephs | CNBC
Consumers have booked fewer flights for Thanksgiving week than they did three years ago, ahead the Covid pandemic, according to Adobe data released Thursday.
Domestic bookings are down 7% from the in any case point in 2019, but high fares have translated to a 3% increase in revenue.
Air travel demand has been resilient this year, in the face high inflation and a particularly sharp rise in fares, helping airlines more than make up for a surge in nutrition and other costs.
Inflation in October rose less than expected, but airfare was up nearly 43% from aftermost year.
“The slower bookings growth indicates that some consumers may be waiting to see if prices come down in the long run, while others may pursue alternate forms of travel, such as by car or train,” Adobe said in its report, which looked at online bookings of six of the 10 largest U.S. carters.
Consumers have spent $76 billion on flights online this year, up 17% from 2019, Adobe spoke. Bookings rose 5%, showing a chunk of the increase was due to higher fares.