Southwest Airlines adding new fare option in 2022

The fare option is expected to drop in second quarter

Southwest Airlines will offer another fare option for flyers starting next year. 

The carrier told FOX Business that it will be launching its fourth fare in the second quarter of 2022.  

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Southwest said the new product will "enhance our overall product offering for customers while also increasing benefits" tied to its current fare options including Wanna Get Away, Anytime and Business Select.

The carrier did not elaborate on how much the fare will cost but said that it wouldn't be its lowest fare rate. The Wanna Get Away will still be its first and lowest fare, according to Southwest.  

A Southwest Airlines employee helps a passenger to check in at a counter at Ronald Reagan Washington National Airport on October 11, 2021 in Arlington, Virginia. (Alex Wong/Getty Images / Getty Images)

The airline declined to release any more information about the new product until closer to its launch. 

However, the news comes after Southwest CEO Gary Kelly told investors in October that the carrier "saw a dramatic recovery in terms of passengers, fares, and revenues" during the third quarter. 

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LUV SOUTHWEST AIRLINES CO. 44.43 -1.00 -2.20%

Kelly said that the recovery during the three-month period "was very encouraging" even though business travel is still below 2019 levels and capacity is not fully restored. 

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Incoming CEO Bob Jordan told investors that the carrier "had terrific momentum at the beginning of the third quarter, especially leisure demand with traffic actually above 2019 levels." 

Jordan added that "booking trends have recovered nicely on both the leisure and the business front, and booking trends for the holidays are in line with 2019."