Over the past several months, consumers have discovered that if they can be flexible about dates, exact hotel preferences and destinations, they can often take advantage of dramatic price drops across the travel industry.

It's not clear how long the trend will continue. Already, some airline executives are predicting that travel will rebound this summer, driving up airfares and hotel prices. But for now, travelers are finding that procrastination can save money.

"Your chances of getting a deal at the last minute are certainly better than they were a year ago," says Genevieve Shaw Brown, senior editor at Sabre Holdings Corp.'s Travelocity.com. "Because of the downturn in leisure travel there are fewer full planes and hotels."

Get the full story at The Wall Street Journal (free content)