War in the skies: airfares fall up to 50% in May-Aug

Airfares during the May-August period fell by 25-50% with airlines aggressively cutting rates to attract passengers. For example, fares for the Delhi-Goa route saw a 49% drop for a 7-day advance purchase.

Airfares during the May-August period fell by 25-50% with airlines aggressively cutting rates to attract passengers.

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"Both business and leisure sectors have seen fares dropping between 25-50% for 7-day advance purchase while the drop is little lesser (17-35%) for 30-60 day advance purchase," said Ranjeet Oak, senior vice-president, MakeMyTrip.

For example, fares for the Delhi-Goa route saw a 49% drop for a 7-day advance purchase compared to a 17% drop in the 30-60 day advance purchase.

"Airfares are the most expensive closer to the date of travel," said Subhash Goyal, chairman, STIC Travel Group. "However, it seems, there is a shift in the strategy of airlines. Airlines are now willing to dispose of inventory at lower rates instead letting the seat go waste," Goyal said.

"Aggressively priced fares, competitive discounts and smart inventory management by airlines have resulted in air travel becoming significantly cheaper," said Oak.