The onset of low-cost carriers (LCCs) has changed equations of the aviation industry. Increased affordability and accessibility have resulted in a significant growth in the number of fliers in the last few years. Apart from this, domestic flight offers rolled by carriers every now and then along with the capacity addition helped these airlines in gaining market share by attracting new customers. After a market research, it has been found that most of the people who preferred traditional modes of transportation have started considering flights as an option because of its time efficiency. This has increased the demand of LCCs, and as per market laws, rise in demand leads to increased supply.
Existing carriers like IndiGo, GoAir and SpiceJet added a number of flights on popular routes and introduced new ones on many to meet the demand. Apart from this, global carriers such as AirAsia also tried to capitalise the scope by starting services in the country. All these airlines provide top-quality services to their passengers at the lowest possible cost. However, passengers can get extra value of their money by availing GoAir, indigo or SpiceJet offers announced by them. As per reports, the cost of booking an air ticket was lowest in this festive season – October to December. It is considered as the peak season for travel as festivals like Dussehra, Deepawali and Christmas fall in these months, followed by the New Year. The occupancy level jumps high and may go up to 100 per cent.
As per reports, in the previous years, airfares in the festive season rose between 10 to 30 per cent, but this year a different trend was seen. The cost of making reservation is 20 per cent lower this year when compared to the statistics of 2013. On routes likes Mumbai and Goa, Bangalore and Delhi – Mumbai, the average flight booking price is INR 3500. Similarly, on busy international routes like Delhi to Dubai and Mumbai to Hong-Kong, it is around INR 10500, which is over 10 per cent lower than the previous year. It is expected that load factor may witness a record growth because of these prices.