Waiting pays off for some air travelers

Chicago Tribune

CHICAGO — For the first time in memory, airfares are falling rather than rising as the holiday travel season approaches.

The phenomenon, a byproduct of the deteriorating economy, means many procrastinators are paying about $90 less per trip than early birds who locked in pricey tickets months ago when airfares seemed certain to rise in advance of the holidays, as they typically do.

The spate of holiday bargains comes after financially strapped airlines shrank U.S. operations by about 10 percent this fall, the equivalent of grounding a major airline. Analysts predicted the capacity cuts would keep planes full and prices sky-high for year-end travel.

But carriers are suddenly struggling to fill seats as consumers spooked by market and economic turmoil trim their spending on everything from Christmas gifts to vacations. Analysts say the steep falloff in travel over the past six weeks caught carriers, hotels and car-rental companies off guard.