A friend and I were looking at flights to Japan from our home city for a week or so back leading up to this year's Black Friday. Typically flights range from $1000-$1600 round trip, however during this period they were fluctuating in the $650-$800 range.
One day prices seemed particularly low, so friend and I called and went to book online simultaneously. Their purchase was submitted literally seconds before mine, and upon submitting mine a warning that the price had increased $100. In my deal-chasing greed, I figured I would wait up to an hour given we had been watching prices fluctuate all week around this range. In hindsight, this was the worst decision- the extra $100 for a week long trip was negligible and even with the $100 was still an exceptionally good deal. Prices have since increased to >$1000 with no signs of decreasing and my friend is essentially waiting for me to eventually bite the bullet and book my ticket.
I don't want to pay this much for the trip, and I have been monitoring the price in hopes it will eventually fall again (which I believe it may). My friend would obviously prefer me to go and I can't imagine they would be thrilled in having to go alone - but they would.
Since I may not end up going, what is the etiquette for cancelling with my friend?