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by Natasha Gabrielle | Published on Aug. 2, 2022

Here comes a steep discount.

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Over the last few months, airfare prices have been high. Many Americans have gotten used to paying higher everyday costs in addition to higher travel prices. But relief may soon be near. Hopper, an airfare price comparison app, predicts that domestic airfare prices will drop significantly in August.

Hopper, a mobile app that helps people find cheaper airfare prices, just released its Late Summer (Q3) Travel Index Report. The report outlines what consumers can expect regarding airfare prices in the coming months.

According to the report, domestic airfare prices could drop as much as 25% -- meaning prices would be in line with 2019 rates. Discover: This card has one of the longest intro 0% interest periods around More: Consolidate debt with one of these top-rated balance transfer credit cards

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In August, prices could reach as low as $286 for round-trip domestic bookings. Hopper predicts domestic airfare prices will be at or below $300 through late September before rising again in October and November.

Domestic flights are expected to average $368 per round-trip ticket in December -- meaning booking tickets sooner rather than later could be advantageous. Lower airfare prices could bring some relief to your wallet and could help you stretch your vacation budget further.

Why are prices likely to decrease? In the spring and summer, travel demand was at an all-time high. Jet fuel prices were also much higher than usual. For these reasons, consumers were forced to spend more money to travel by air.

But seasonal travel patterns and lower jet fuel prices will likely result in lower airfare prices in August and September.

What does that mean for your fall and winter travel plans? You may be able to save some money by booking your airline tickets in the coming weeks.

If you're able to buy tickets before prices increase again in October, you may be able to keep more money in your bank account.

Even if you cannot book your tickets right away, now is an excellent time to start planning your trip details so you can start saving up.

With higher everyday costs, we're all looking for ways to spend less. You probably want to score an airfare deal for your upcoming trip.

We've previously discussed some of our favorite strategies to score cheap plane tickets. One of the best ways to save money on air travel is to use online apps and online tools to your advantage.

Hopper is one app that you can use to score cheap tickets. The app monitors airfare prices and uses historical data to help predict the best and most affordable times to buy tickets.

You can also use tools like Google Flights to search airfare prices across multiple airlines.

If you're booking travel plans soon, consider using a travel credit card to pay for your trip.

With the right rewards credit card, you can take advantage of built-in travel protections like trip interruption and trip delay coverage and earn valuable rewards on your spending.

If you're looking for a new credit card, check out our list of best travel credit cards.

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Natasha specializes in credit card and rewards content. Her goal is to encourage more people to experience the world around them while making smart financial choices.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

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