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Airfare prices will spike more than $40 per week leading up to Memorial Day weekend. Millions of people are expected to fly, based on data from travel app Hopper.
"If you haven’t booked a flight for Memorial Day weekend yet, book now," Hopper lead economist Hayley Berg said.
AAA reported airports are going to get a surge of traffic with an estimated 3.51 million air travelers this holiday weekend. That is an increase of 4.8% over 2023, and a 9% jump compared to 2019, according to AAA data.
To handle the demand this year, a million seats have been added to domestic routes with nearly 300,00 on international routes, according to Berg.
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Over 20 million seats will depart U.S. airports during the long weekend spanning from Thursday through the day after Memorial Day. That is a 6.6% increase from 2023, according to Hopper data.
Airfare costs:
Memorial Day airfare is currently averaging $260 per ticket, which is down 9.5% from last year as well as 2019 levels, according to Berg.
As prices will inch up over the next few weeks, price-conscious travelers should aim to fly out Saturday and return on Tuesday, given that it will save them roughly $90 from peak prices on Friday and Monday.
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Similar to domestic flights, international trips to many major regions of the world, including the Caribbean, Europe and Asia, are less expensive for now. For example, flights to Canada or the Antilles in the Caribbean currently cost $400 on average for a round-trip ticket.
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The cost to fly to Europe is about $974 per round trip ticket, which is down 2% from last year. However, it is still significantly higher than in 2019.
Last summer, the cost to fly to Europe reached its highest level in 6 years with tickets averaging around $1,200 per round trip.
Hotel costs:
Hotel stays are averaging $212 per night this year, according to Hopper data. That is slightly higher than the average prices for the summer.
Saturday is the most expensive night to stay, with prices averaging 36% higher than non-weekend nights.
Travelers will get the lowest rate if they stay from Sunday through Tuesday.
Car rentals:
Car rentals for the long weekend will cost $43 on average per day, which is roughly unchanged from last year.
The most searched car rental locations include Orlando, Los Angeles, Las Vegas, Washington and Fort Lauderdale, according to Hopper data. The costs in each of the aforementioned places range between $21 and $37 per day.
In terms of gas prices, AAA reported Thursday that the national average for a gallon of gasoline fell four cents since the prior week to $3.60 driven by weak domestic demand and oil costs below $80 a barrel.
"Barring some unforeseen event, this pokey drop in pump prices is not likely to change anytime soon," AAA spokesperson Andrew Gross said.
He noted that county gas averages in seven states are less than $3 a gallon.
"This trend will likely accelerate as more gas outlets east of the Rockies drop their prices," Gross said.
Read more of this story from FOX Business.