Plane ticket prices are skyrocketing at three times the rate of inflation – but that won’t stop desperate Brits jetting off on holiday.
Summer getaway bookings are surging with hotspots in Spain and Greece almost at capacity amid a rush of pent-up demand.
Air fares from the UK surged by 31.4% in the year to May, according to the Office for National Statistics – more than treble the 8.7% rate of inflation.
Trips to Malaga in Spain have risen 38% from £146 to £202, fares to Mallorca are 21% more than this time last year, and flights to Alicante are up £17.
Despite soaring fares, spending on airlines rose 34% year-on-year during May, according to Barclays. And the bank’s customers spent 10% more with travel agents.
Ryanair, which revealed profits of £1.2billion in May, expects bumper earnings this summer at it runs 3,000 daily flights – its largest-ever schedule.
Experts said people were desperate to hang on to their summer holiday after Covid restrictions, in spite of rising inflation and mortgage rates.
Laura Harden, of the Mindful Travel Company, said: “Everyone is fed-up and I think people just want to escape the misery for a couple of weeks.”
Evan Day, of comparison site Kayak, said: “We’re seeing a trend of ‘revenge travel’ – people want to get away now, while they know they can.
“For those wanting to save, Turkey is a good option, with Istanbul flight prices slightly down on last year.”
Air fare increases have largely been driven by the spiralling cost of crude oil. And experts warn there is little chance of them falling – while moves to cut carbon emissions are also likely to lead to further price hikes.
