NEW YORK, March 3 (UPI) -- The extra fees U.S. airlines put in place last summer may be here to stay, but airline ticket prices are falling fast, industry analysts say.
Bill Swelbar at the Airline Data Project at the Massachusetts Institute of Technology said ticket prices are dropping as passengers, worried about the economy, are cutting back on travel plans, The Detroit News reported Tuesday.
"Historically, we'd be in the booking cycle for summer right now," he said. "Not so anymore. Consumers are nervous about their jobs. They're waiting longer to book that vacation."
"Jet fuel's down and the fares are falling fast, too," said Michael Boyd, founder of The Boyd Group, a consulting firm for airlines.
"Traffic has fallen so fast and so hard, certainly much faster than schedules can be changed," Boyd said, predicting "more cuts" in flight schedules.
"But until then, they need to fill these empty seats," he said.
Although fares are dropping, fees added last summer for checking an extra bag and other services are here to stay, Boyd said.
"Those fees are just a fact of life for most fliers now," he said. "The airlines are addicted to the extra cash."
