Summer airfares are tumbling — and these hot destinations are among the most affected
Prices are cooling for hot summer getaways.
The cost of plane tickets is dropping due to softening demand, with some prices plunging almost 25% when compared to the same last year.
A new report from travel site Kayak found the average cost of a ticket to Sydney, Australia has tumbled 23%.
The average airfare to the harbor city now stands at $1005, whereas fliers were forking out $1312 for the same route last summer.
Given its location in the southern hemisphere, it's heading into winter in Sydney, but that actually may be more incentive for some American travelers to jet Down Under.
Sydney boasts mild winters, meaning it may be more enjoyable there than in sweltering Europe, with its hordes of tourists and lack of air conditioning.
The weak Aussie dollar means Americans currently get more bang for their buck, too.
Meanwhile, Kayak reports that the cost of airfares to Hong Kong has dropped 16%, while ticket prices to Incheon, South Korea are down 15%.
But for those still wanting to travel to Europe this summer, there are also bargains to be had.
Plane tickets to Stockholm, Sweden and Oslo, Norway are down 17% and 16% respectively when compared to summertime last year.
Kayak reports that the cost of a standard plane ticket to all European destinations has dropped 8% on average.
For those looking to travel domestically, Kayak has named the best cities that offer bang for your buck.
Flights to Orlando, Tampa and Raleigh can all be scored for less than $300 on average, with the cheapest times to fly revealed as being between May 19–June 8 and August 11–31.
However, flying on public holidays is still cheaper than it was last year, too.
July 4th flights are nearly 10% cheaper, while Memorial Day and Labor Day are also down on last year.
The report comes less than a month after United Airlines announced it would slash its domestic flights by about 4% beginning this summer because of softer demand.
The Chicago-based airline also forecast lower-than-expected profit for the current quarter and warned of downside risks to its full-year outlook if the US economy slips into a recession from the ongoing trade war.
United said its financial forecast is dependent on the macro environment which, it added, is 'impossible to predict this year with any degree of confidence.'
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