Looking to book your next vacation? Cheap Flight Day, which is slated for Aug. 23, will kick off discounted airfare and continue through November, according to reports. It’s not so much a day as it is a period of time, say experts, but travel companies maintain that savings could be significant.

The quasi-holiday marks the time around which most airlines begin to lower their fares after coming off of a peak travel period during summer months. Some airlines drop their airfare premiums by 10 to 20 percent, which can mean substantial savings for some potential travelers, Forbes reported this week.

Data reported by online travel agency CheapOair found that the average price savings for popular travel destinations would fall 14 percent for domestic travel and 30 percent for international travel, according to a Tuesday press release from the company.

“As summer quickly comes to a close, so does the busiest time of the year for travel,” Sanjay Hathiramani, Global SVP of Supplier Relations for CheapOair, said in a statement. “Kids are back to school, the weather starts to cool down and people are gearing up for the holidays. As the demand for airfare decreases, so do the fares.”

According to the travel company, purchasing international flights during the window could potentially lead to hundreds of dollars in savings. Flying to Manila, Philippines, could potentially save a traveler $300, while tickets to Madrid or Barcelona in Spain could be slashed by $250 and $200, respectively. Rome and Bangkok fares could fall by $200 and $250, and a trip to Paris could see potential savings of $150 if purchased during the timeframe.

As for domestic flights? Savings to some of the most popular destinations in the nation — including Los Angeles, Boston and Nashville — could see between $20-50 in savings depending on the city. While not nearly as steep as the savings on international flights, significant savings could add up for individuals looking to purchase more than one ticket.

“Cheap Flight Day isn't just one day of deals — it’s the start of the off peak season,” Hathiramani said. “Fares are going to continue to stay low until Thanksgiving. Especially for those looking for deals to international destinations, the time to book your tickets are during this window, beginning at the end of August.”

Cheap Flight Day certainly has its critics. George Hobica, the founder of airfarewatchdog.com, told Condé Nast Traveler earlier this month that the rumor of a premier day of the year to buy flights has been around “been around for a decade” and called it “huge disservice to the public because people want a formula.”

However, Rick Seaney, the CEO and co-founder of farecompare.com, told Condé Nast Traveler that the discount is found in departure dates that fall within the golden window, rather than the dates of purchase. He also noted that days of the week are important when booking flights.

“Tuesday, Wednesday, and Saturday for date of departure are usually on the cheaper end,” he said.

Seaney’s claim was in part corroborated by Amanda Festa, a Cheapflights.com editor, who told Refinery29 that the best time to book travel at a discount is between late September and early November. She also recommended shopping around for potential bargains.

“Don't fear buyer’s remorse: Do be aware that, by U.S. law, airlines must offer you the chance to hold a price or cancel a purchase on any non-refundable ticket bought at least seven days in advance for a 24-hour period,” Festa said, noting that it allows shoppers the “opportunity to keep shopping just in case you can score an even better deal.”

GettyImages-107846319 Cheap Flight Day, which is slated for Aug. 23, will kick off discounted airfare and continue through November. In this photo, aircraft flying overhead were photographed on November 29, 2010 in Raleigh, North Carolina. Photo: Photo by Bruce Bennett/Getty Images