According to the multinational travel company TUI Group, last minute bargains and rock-bottom prices for plane tickets are a vestige of the past.

Company CEO Sebastian Ebel told Bild am Sonntag in an interview that high fuel prices, high demand, and low supply are making vacation trips more expensive, with long distance journeys the worst-hit.

Ebel said, “In 2023 there will be no ‘last-minute summer’ like there used to be. On the contrary: shortly before departure, prices will tend to be higher rather than lower, because hoteliers and airlines know that there are still a lot of bookings at short notice. Spontaneous bargains will be the absolute exception. Booking early gives choice and good prices.”

He added that there will no longer be any cheap flights for less than €50.

Compared to a year ago, the cost of holiday travel increased 19% and the cost of airline travel increased 34%, according to data released in March.

As the sanctions levied against Russia last year wrecked havoc on the energy markets, the price of jet fuel rocketed to over $175 per barrel. Although jet fuel prices have recently declined alongside crude prices, they are still above historical averages.

According to the United Nations aviation agency, this year air travel will soar to pre-pandemic levels on most routes, as most of the pandemic era restrictions are lifted across the globe.

TUI group, based out of Hanover, Germany, is among the largest tourism companies in the world, offering trips to 180 destinations, and employing 6,000 people.