PDX - If you’re used to paying big bucks for holiday travel, you’re in store for a break this year. Fewer people are flying because of the economy.

That’s why airlines are slashing ticket prices. Some carriers are cutting prices as much as 20 percent.

Rich Gritta is a finance and transportation professor at the University of Portland. He says since demand for air travel dropped, airlines have cut capacity.

KGW PDX cam

“There are break even load factors,” Gritta said. “That is the percent of the plane that they have to fill to make money is still pretty high. So rather than keeping prices up, they’re cutting prices.”

And despite what you’ve been told for years, this holiday season, it’s better to buy last minute airfare in many cases.

CHECK TRAFFIC | PASS CAMS | WEATHER | MORE HOLIDAY EVENTS

Jonathan Quello flew from Los Angeles to Portland Tuesday morning. He booked his tickets back in August. He paid just under $600. Alison Dold flew on the same airline to L.A. Tuesday morning. She booked her flights two weeks ago and paid just $320.

“I’ve been tracking it because the prices were really high,” Dold said. “Then I noticed that they dropped quite a bit so I jumped on it and was able to get a really, really fare rate.”

Quello said he wishes he waited a little longer.

“I think that sometimes it pays to wait,” Quello said. “But I’m just happy to be home.”

Experts say if you want to travel on a budget during the holidays, avoid the most expensive travel days.

The day before Thanksgiving, December 23rd and the Sunday after Christmas are some of the priciest days.

Also, pack light. Many airlines are charging for luggage.

Gritta said he’s not sure whether airfare will continue to drop in the long run. But he said, right now, it’s a great time to find last minute deals.