Ryanair has seen a surge in flight bookings over the past weekend, with 2.03 million bookings beating all previously set records for the carrier. However, this success does not mean that travelers can expect low fares to continue throughout the summer, according to Ryanair CEO Michael O’Leary. In a press conference on Tuesday, Mr O’Leary said he expects prices to rise as demand increases during the holiday season.
Mr O’Leary told reporters at the press conference that while he is encouraged by the recent increase in flight bookings, it is too early to tell what effect it will have on fares. “People are worrying that prices are going to rise in the summer… I think they will,” said Mr O’Leary. “If demand stays strong then we would expect airfares to go up further as we get through May and June and into July and August.”
Mr O’Leary also noted that price hikes would likely be driven by rising fuel costs and labor expenses rather than arbitrary decisions from airlines themselves. He said his airline was already facing significant cost pressures due to increased fuel costs and labor disagreements resulting from pay disputes with pilots and cabin crew members. This could lead to higher ticket prices for consumers across Europe in an effort to offset these increasing costs.
Mr O’Leary told reporters at the press conference that while he is encouraged by the recent increase in flight bookings, it is too early to tell what effect it will have on fares. “People are worrying that prices are going to rise in the summer… I think they will,” said Mr O’Leary. “If demand stays strong then we would expect airfares to go up further as we get through May and June and into July and August.”
