Travel bargains may be on the horizon amid banking concerns

If you’re looking for a travel bargain, it may be beneficial to look carefully over the next few days.

As two banks failed over the weekend, one travel expert said people are now pulling back on optional expenses like travel, which means prices may drop.

WINK News spoke with CBS travel expert Peter Greenberg about how the failed banks could impact travel.

“People are worried. And when they’re worried, they tend not to travel,” Greenberg said.

It’s a big change from last week, Greenberg said, then he explained that worry tends to close wallets.

“So you’re seeing at least in short-term reservations now, a big softening, and the airlines all the algorithms that the airlines used to project demand and set prices, they go out the window again, they went out the window during the pandemic. Now they’re out the window now,” Greenberg said.

Airfares change hundreds of thousands of times a day, and when the economy changes suddenly, often prices do too.

“When you have a disruptive situation like this, when it affects your money, or at least the perception that it affects your money. People then tend to want to hold on to their money,” Greenberg said.

So, for as long as that feeling persists travel demand will soften which usually leads to sales or discounts.

But, you always have to read the ‘fine print’ in these situations. In this case, just like people get worried when something suddenly changes, often that worry goes away just as quickly. But, while there’s some turmoil in the market and if you’re looking for a travel bargain, the next few days are the time to look for them.