Holiday airfare is rising: What to know if you haven't booked yet

Americans planning to fly this holiday season should brace themselves for crowded flights and costlier seats, with airlines cutting back their schedules at what is usually a slower time for travel.

"The fourth quarter traditionally is a low-travel season — not this year," CBS News' senior travel adviser Peter Greenberg said. "Americans are traveling just as strongly as they did during the summer. The demand is still there and the numbers reflect it."

Greenberg cited third-quarter earnings that had Delta Air Lines reporting $695 million in profits, United Airlines beating analysts' predictions and American Airlines enjoying a 50% jump in revenue.

The pricier seats come even with fewer Americans planning to travel this year, according to Deloitte's 2022 holiday travel survey, which found that just 31% of Americans intend to take at least one trip, down from 42% last year.

"Those fares are going to stay strong because at the same time, if you take a look at the flight schedules, the airlines are actually flying 10% less than they did last year," Greenberg told CBS News. "That may explain why the planes are full, and now the laws of supply and demand kick in, and air fares stay high."

Plane trips should become less costly after January 6, 2023, and through mid-May of next year, said Greenberg, who advises those considering a vacation early in the new year to wait another month to book their trips.