Will you pay more to travel in 2023?
Travel has become expensive. Could things get even worse?
- High demand has led to increased travel costs in 2022.
- If demand remains strong, consumers could end up spending a lot on travel in 2023.
When the COVID-19 crisis hit in early 2020, it forced many people to put their travel plans on hold for a long time. Travel then resumed in 2021, but some of those plans were thwarted by the emergence of the Delta variant and the lack of widespread availability of vaccines.
But this year, COVID has been less of a factor in people’s decision to travel. And with many old restrictions lifted, consumers have been less hesitant to commit to projects.
This increase in demand, however, has caused travel costs to skyrocket in recent months. And if demand remains strong, consumers could end up paying even more to travel in 2023.
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Travel costs could continue to climb
Recent estimates from travel management firm CWT and the Global Business Travel Association show business travel prices are set to rise in 2023. And if companies are eyeing higher prices, so are regular travelers.
One of the main reasons travel costs are so high right now is that demand is high at a time when the airline and hospitality industries are understaffed. Add to that rising fuel prices and general inflation, and it’s no wonder so many people rack up giant credit card tabs while traveling.
Recent estimates indicate that airfares will increase by more than 8% in 2023. And while that may not seem like an alarming increase, given that travel has already become expensive, it could put a lot of people in a difficult situation l ‘next year.
How to save on travel in 2023
If you have big travel plans in 2023 or you’re the type of person who tends to travel often, it’s important to do what you can to keep your costs to a minimum. The last thing you want is for your plans or habits to lead you into dangerous debt.
A good bet is to research airfare and hotel prices in advance and book strategically. Hotels in particular tend to have flexible cancellation policies, so booking a room well in advance of a given trip can be to your advantage.
Another good bet is to get yourself a credit card with travel rewardsespecially if you plan to travel a lot by plane. Many of these cards come with money-saving perks, like free checked bags and discounts on in-flight purchases. And since the days of free meals on domestic flights are long gone, this is an important perk to have.
At the same time, look for a credit card that rewards you generously for fill-ups if you think you’ll be doing a lot of driving. Better yet, find fellow travelers to split the costs with, not to mention the driving.
As expensive as it was to travel in 2022, consumers could end up paying even more to get out and explore in 2023. It’s best to prepare for this possibility by increasing your travel budget, booking plans strategically, and by acquiring the right credit cards.
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