What methods can I employ to find deals to destinations with reduced demand, if any deals even exist, when events that decrease flight demand happen?
The CDC rates its travel notices in 3 broad categories:
- Warning - Level 3, Avoid Nonessential Travel
- Alert - Level 2, Practice Enhanced Precautions
- Watch - Level 1, Practice Usual Precautions
Say I have to travel to one of these destinations in a few months (not 'Nonessential Travel'), e.g. for education, family or work.
As of now, given the situation with the novel Coronavirus and COVID-19 there have been news about reduced demand of travelers to countries that fall under one of these ratings, like South Korea, Italy and Hong Kong.
This time I'm asking because of the outbreak of SARS-CoV-2, but in general, do these type of situations that decrease demand to destinations also have a considerable correlation with flight ticket prices? There seems to be a balancing force by cancelling routes or decreasing flight frequency, but I am unsure if it is relevant.
If so, besides using aggregators like the ones mentioned (Skyscanner, Expedia, Travelocity), what should I be doing to find reduced prices to book flights to these destinations when there is a reduction in demand due to special circumstances, like the current health epidemic?
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Price elasticity measures the degree to which a given flight is sensitive to price changes i.e. the extent to which changes in price will affect the demand. For example, a price elasticity of \u22121.5 indicates that 10% increase in ticket prices leads to a 1.5% decrease in demand.What are the factors that affect the differences in the airfare?
Top Factors That Determine Flight Ticket Prices- Factors that determine flight ticket prices.
- Distance. Primarily, distance plays a pivotal role in determining the flight ticket prices. ...
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- Competition with other players.
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