Airline miles are losing their purchasing power as travelers increasingly book multiple flights using rewards points as a hedge against rising fares and flight disruptions.

Airline miles are losing their purchasing power as travelers increasingly book multiple flights using rewards points as a hedge against rising fares and flight disruptions. Award seat inventory is depleting rapidly, with searches for redemption flights jumping 44 to 50 percent as passengers seek flexibility. The surge in ghost bookings—reservations made with minimal cancellation fees that are later dropped—clogs limited award availability, making it harder to find seats. Airlines face mounting pressure to intervene as high fuel costs and geopolitical tensions keep ticket prices elevated, driving continued demand for flexible reward programs that allow free cancellations and mile redeposits before departure.