New numbers from the Department of Transportation show that airfares at Memphis International Airport are on a downward trend.
In the fourth quarter of 2015, the average airfare out of Memphis was $386.85, a drop of $9.32 from the third quarter 2015 and $50.54 from last quarter of 2014.
In 2012, before Delta Airlines pulled its hub out of Memphis, airfares in Memphis were at their peak, averaging about $540. Delta pulled out in 2013, opening the doors for more low-cost carriers, such as Southwest Airlines and Frontier Airlines, to move into Memphis International. Since then, the fares have dropped by an average of $150.
The decrease is coming at a time when passenger growth is up by nine percent from last year.
“Affordability and accessibility are helping to drive more passenger traffic at MEM,” said Scott Brockman, president and CEO of the Memphis-Shelby County Airport Authority. “Adding new low-cost carriers and competition for key destinations has helped to bring down the average cost of flying at MEM. As a result, we’re seeing strong growth in our passenger base.”