Do you anticipate a rise in travel costs in the year 2023?

Two people standing next to their suitcases at an airport window and holding hands.

Two people standing next to their suitcases at an airport window and holding hands.© Getty Images

Many people had to delay their 2020 trip plans because of the COVID-19 pandemic that broke out in the beginning of the year. Afterwards, in 2021, tourists were more numerous, but the appearance of the Delta variation and the limited availability of vaccines prevented some of them from going through with their plans.

While COVID was a concern last year, it appears to have less of an impact on vacation plans this year. Consumers are less hesitant to commit to plans now that many previous restrictions have been relaxed.

As a result, airfare and other travel expenses have skyrocketed over the past few months to keep up with the rising demand. Consumers may pay even more to travel in 2023 if demand remains high.

Ways to Cut Costs When Taking a Trip in 2023

There is speculation that by 2023, airfares will have increased by more than 8%. With the rising cost of travel, even that little rise could be problematic for many people in the coming year.

The price of vacations might keep going up.

Both the Global Business Travel Association and the travel management firm CWT have predicted price increases for business trips in 2023. It’s not just businesses that will feel the pinch of increasing fares; frequent flyers will, too.
It’s crucial to do everything you can to keep travel expenses low if you have major travel plans for 2023, or if you’re the kind of person who tends to travel frequently. Not wanting your plans or routines to land you in deep financial trouble is a top priority.

To save money, it’s a good idea to plan ahead and book your flight and hotel room at the best times. It may be to your benefit to reserve a hotel room far in advance of a vacation because hotels, in particular, offer cancellation policies that are more lenient than the norm.

If you anticipate doing a lot of air travel, another good idea is to apply for a credit card that offers travel rewards. Free checked luggage and rebates on in-flight buys are just two of the many ways credit cards may save you money. And that’s a big deal, because complimentary lunches on domestic flights are a thing of the past.

Consider applying for a credit card that offers substantial rewards for gas purchases if you plan to do a lot of driving. Even better, team up with other friends to share the gas money and the driving duties.

While 2022 was already an expensive year for vacationing, 2023 may be even more costly. You should be prepared for this possibility by increasing your travel budget, making well-thought-out travel arrangements, and securing suitable credit cards.

The shortage of workers in the airline and hotel industries is a major contributor to the current high cost of travel. It’s no surprise that people are running up such huge credit card bills while travelling, what with the growing price of gas and overall inflation.