The folks at Bing just sent out a release showing the hefty year-over-year price declines for holiday air travel:
This year, airfare for Thanksgiving travel to domestic destinations averages $327, down 22 percent from 2008 and virtually on par with 2007 fares. Christmas and New Year’s holiday airfare to domestic destinations averages $353, down 17 percent from this point in 2008, but still about 8 percent above 2007 fares.
Something similar is going on with premium hotel rates — everywhere other than Honolulu — as the following figure shows. The New York rate decline of 29% is particularly eye-popping.