After analyzing 12.6 billion airfares worldwide, momondo found that by booking travel early – just under two months in advance of departure – consumers could save an average of 26 percent on flight costs. Conversely, tickets are most expensive if travelers wait to book their trip on the day of departure.
momondo also found that flight price can vary widely depending on the day of the week, with the cheapest departure fares typically found on Tuesdays and the most expensive fares on Saturdays. The average flight cost difference between these days of the week is 11.5 percent.
Avoid midday flights
According to momondo, time of day is also important to consider when booking. momondo's global flight statistics show it is typically cheaper to fly between the hours of 6 p.m. and 12 a.m. Midday flights between the hours of 10 a.m. and 3 p.m. are the most expensive overall, by 6 percent on average.
momondo spokesperson Lasse Skole Hansen noted: “We always advise travelers to stick to these golden travel rules to secure the cheapest fares. In general, it pays to book flights about two months in advance, and we found these trends consistent across the board. To save the most money on their trip, bargain hunters should consider flying in the evening and on Tuesdays if possible.”
Other factors affect fares
Ticket prices are also influenced by other factors, such as day of departure, airline, season and airport - and factors affecting price vary on each route.
Travelers can explore the six factors that affect fares with Flight Insight, momondo's free money-saving tool, which is available for more than 10,000 routes worldwide. Travelers can find Flight Insight at the top of search results on momondo.com when conducting a flight search.
For example, Flight Insight may show that for a particular route, Wednesday is usually the cheapest day of the week to travel. Similarly, prices on that route may not rise significantly until 21 days before departure.
“By using Flight Insight, travelers can assess the best day of the week, time of day and season in which to travel. If travelers want to maximize travel savings, they should use the tool for their particular route to determine how many days in advance to book as well as discover other key factors that impact price,” added Skole Hansen. “According to our data, 25 percent of Americans plan their trip 30 days in advance and are likely paying more for flights because of it.”
To view the study online, please visit: www.momondo.com/content/annualflightstudy.
momondo.com is a free, independent and global travel search site that compares billions of prices on flights, hotels and travel deals. momondo has won several awards and is recommended by leading international media organizations such as CNN, The New York Times and The Daily Telegraph. momondo is headquartered in Copenhagen and serves travelers across 30 international markets. momondo’s mobile applications are available for free for iPhone and Android.