Expedia says air travel has gotten cheaper all over the world

Expedia is closing out 2015 with a little self-reflection. The online travel-booking company, along with partner Airline Reporting Corporation, mined the 8 billion searches across its 300,000 unique routes between October 2014 and October 2015, and discovered that despite passenger perception, the cost of air travel actually decreased this year.

Economy-class air travel prices declined 8% in 2015, when compared to the same period over the prior year. And while individual months hovered mostly around that 8% figure, July and August of 2015 saw double-digit decreases, with prices dropping 13% and 10%, respectively.

Intra-North American travel prices fell in line with global trends, though more modestly. Airfare fell approximately 5% year over year between January and October of 2015. July, once more, saw the greatest savings at 8%. In order for passengers to save the most on their tickets, Expedia found that purchases of North American domestic air travel ought to be bought 57 days out. Interestingly, 2014's year in review report also found 57 days prior to be packed with the most savings.

Expedia's report is quick to point out that booking hotel and rental car reservations alongside airfare — like say, using Expedia.com — can save travelers 20% compared to piecemeal reservations.

When it comes to the company's advice on the best day of the week to book tickets, the data shows that your destination really dictates when to bust out your credit card and make the commitment, but Fridays are generally recognized to be your costliest day to buy airfare. Individual regions of the world have vastly different best times to buy though, so make sure you do your homework.

Regardless of when you book your flights, Expedia's news of global prices trending downwards into 2016 should be welcome words to travelers.