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The travel industry has been hit hard by the coronavirus and in turn is slashing prices on future travel. But is it a good idea to take advantage of these deals now? Depending on the fine print, it’s not as risky as you may think.
The nature of travel, especially this summer is sure to change. Some families are choosing to stay closer to home and forgo flying. Hotels and vacation rentals have also responded to the current crisis by offering more flexibility. In fact, some large hotel chains are offering free cancellation up to 24 hours prior to checkin. Various vacation rentals are also following suit.
In terms of deals, vacation rental pricing has been slashed in hopes to lure future stays. Hotels, haven’t produced the deepest discounts, unless you’re looking to travel by June. Location matters, destinations such as Hawaii haven’t seen much of a dip yet. Whereas, urban locations are seeing a lowering of prices. This could be attributed to the lack of business travel as well.
The price of air travel hasn’t been this cheap since 2001, however once demand increases prices are expected to jump significantly. Deals are significant even around the peak travel times such as Christmas and New Years.
To make future air travel more appealing, most if not all airlines are offering flexibility. Change and cancellation fees have been dropped, these fees normally run you hundreds of dollars. In addition if the airline is forced to cancel your flight and can not rebook you on something similar, they are required to refund you. Looking to rack on some travel rewards? Check out our top reward credit cards.
It is also important to note, there is an emotional aspect to booking future travel. This may be a mood boost for some, something to look forward to, a possible return to normalcy. Booking travel not only brings joy during the trip, but well before. Thinking and planning for a vacation has been proven to promote happiness months before the actual travel. There is something about the anticipation of the enjoyment that can bring a sense of ease.
For others, the aspect of booking travel, especially right now may produce anxiety. There may be fear around contracting the virus, being stuck at your location, or the possibility of losing future income.
Pay attention to where you are emotionally, and what the purpose of booking travel is. If rebooking your postponed spring break plans brings you a bit of zen, go for it. These prices won’t last forever.