Here’s why airfare prices should drop soon, according to an expert

( NewsNation ) — Millions of Americans are traveling during Labor Day weekend , with a record number expected to fly and hit the road as they take advantage of slightly cheaper flights and gas.

Ahead of the holiday, the Transportation Security Administration predicted more than 17 million people would be screened, and AAA estimated nearly 10% more drivers would be on the road compared to last year.

However, as summer ends, travel editor Peter Greenberg says he expects to see “airfares go down precipitously” this week.

“Demand has completely dried up,” Greenberg said on “ Morning in America .” “This really was the last hurrah of summer this weekend.”

Airlines having to adjust quickly to the drop in demand will create a “buyers’ market,” Greenberg explained.

There are a couple of reasons for lessened demand: people tend not to travel as much after September in election years, Greenberg said, and they are also starting to see the credit card bills come in for past trips.

“When they got those bills, they said, ‘You know what? That’s it for me for 2024, I’ll wait till 2025,’” Greenberg said.

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