Heard on the Street: Uber and Lyft might continue to charge higher prices as a way to keep drivers on the platforms
. But even as driver supply has improved, prices aren’t yet back to pre-pandemic levels. They might not get there.Are you willing to pay more for Uber and Lyft long-term? Why, or why not? Join the conversation below.
Chicago is but one small piece of the pie, comprising just 5% of all ride-share spending in the U.S. as of August, according to Edison Trends data. New York, however, commanded 23%, and trends there suggest Chicago isn’t a total anomaly. Data from the New York City Taxi and Limousine Commission show that taxis have been retaking share.
Yet costs are still rising. YipitData shows the average Uber and Lyft ride cost nearly 39% more than the average taxi ride in New York City in August and that prices per ride have increased month to date for Uber and Lyft as of mid-September from a month earlier. As of two weeks ago, the price per mile driven for Uber and Lyft across the U.S. as a whole was up 26% versus 2019 and 17% versus January, according to YipitData.
It could be that pricing power is merely a function of the pandemic, given some consumers are still wary of public-transportation alternatives. But there is evidence that higher pricing can persist, even in a post-Covid-19 world. YipitData indicates that ride-share volumes increased along with pricing per mile in September, in New York and nationwide.
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