2024 Worldwide Holiday Costs Barometer Post Office Press Release
Embargo to: 00:01 Saturday 20 July 2024
Prices falling for families in top European destinations Post Office Press Release Family Holiday Report reveals European destinations where British holidaymakers are getting more for their money
- Bulgaria’s Sunny Beach has narrowly beaten Marmaris, Turkey to rate as best value for families
- Portugal’s Algarve remains cheapest of 14 eurozone destinations surveyed
- Big price variations persist across Europe with Ibiza costing twice as much as Sunny Beach
- But prices have risen in 12 of the 16 European holiday hotspots surveyed by Post Office and TUI
- Overspending is at a record high: 73% parents bust their budget by an average of 55% on their last holiday with kids’ beach extras contributing to this (www.postoffice.co.uk/familyholidays)
As schools break up for the summer holidays, the annual Post Office Travel Money Family Holiday Report, produced in partnership with travel company TUI, reveals that bargain hunters will find the lowest resort prices in Sunny Beach1. Bulgaria’s top Black Sea resort has overtaken Marmaris, last year’s best value destination, to take the top spot in a comparison of costs in 16 European holiday hotspots. High inflation meant the Turkish resort was one of 12 destinations to register price rises2.
At just over £110 for 10 items – including lunch and evening meals, snacks, drinks, suncream and insect repellent – Sunny Beach has taken back the top spot in the Family Holiday Costs Barometer despite seeing a 9.8 per cent rise in prices since last July. However, prices for a family evening meal remain low and, at £59 for three-courses including drinks, are only £3 more than a year ago.
In contrast to this, research by TUI (complemented by local organisation www.marmarisinfo.com), found that the prices British visitors are likely to pay in runner-up Marmaris have risen by 17.6 per cent to £117. High inflation has resulted in a doubling of prices and, although sterling has continued to rise steeply against the Turkish lira, the improved exchange rate can only help to reduce the amount extra that British holidaymakers will pay.
In third place, the Algarve remains easily the best value of 14 eurozone destinations surveyed although it too suffered a significant price rise of 18.4 per cent. However, at £124 for the barometer basket, prices in leading resort Albufeira were 84 per cent lower than in Ibiza, the most expensive in the survey at £229 for the same items. This year’s barometer again found that big price variations persist across Europe, with Ibiza costing twice as much as Sunny Beach.
Post Office Travel Money found that prices had risen in three-quarters of resorts – with Ibiza (+14.7 per cent), Madeira (+11.5 per cent, 11th, £168) and Corfu (+11.3 per cent, 10th, £167) joining Marmaris and the Algarve in registering rises of over 10 per cent. Elsewhere, Paphos, Cyprus looks good value after a rise of just four per cent to £144 saw the resort move up to fifth place in the table.
Four destinations saw prices fall, including fourth-placed Costa del Sol, which has closed the gap with the Algarve after seeing barometer costs drop 0.7 per cent to £138. The biggest fall of 7.2 per cent to £155 was in Lanzarote, helping the Canary Island rise to seventh place from 13th last year. Majorca (-1.2 per cent, £166, 9th) and Crete (-02%, £180, 15th) also saw price reductions.
Laura Plunkett, Head of Travel Money at Post Office, said: “Even though sterling is stronger now than last July, price inflation across Europe means that families need to allow for increases in meals, drinks and other tourist costs in their spending budget. Doing some holiday homework before leaving home could help to reduce the chances of busting the budget while abroad.”
Consumer research conducted for the Family Holiday Report3 found most families did exactly that on their last trip abroad. Over two-thirds (68 per cent) of families said they are planning holidays abroad this year but nearly three-quarters (73 per cent) of them overspent by a record 55 per cent on their last trip, spending £312 extra on the average budget of £566 they had set. Meals and drinks account for the biggest levels overspending. Over nine-in-ten parents said they spent an average of £378 on eating out, buying drinks in bars and restaurants and shop-bought food and drinks.
| ITEM | Average Overseas Spend |
|---|---|
| Eating Out | £168 |
| Drinks | £110 |
| Sightseeing | £103 |
| Food/drink from a shop/supermarket | £100 |
| Taxis/public transport | £68 |
| Water or theme park | £66 |
| Souvenirs | £64 |
| Entertainment | £54 |
| Pedalo rides | £46 |
| Kids’ ice creams | £33 |
| Kids’ beach items e.g. bucket & spade | £31 |
| Kids’ swimming goggles, snorkels | £28 |
| Sun lounger | £24 |
Splashing out on treats for their children is another contributory factor to family holiday overspending. Almost nine-in-ten (88 per cent) of parents said that meeting children’s demands for beach items had set them back an average of £202 on their last holiday.
To quantify this, Post Office Travel Money’s new Children’s Beach Barometer4 reveals that spending on buckets and spade, lilos, swimming masks and snorkels, ice creams, pedalo rides and waterpark visits could set a family of four back between £153 and £279 on a week’s holiday depending on their destination. Marmaris, Turkey (£153); Funchal, Madeira (£169) and Puglia, Italy (£172) were the cheapest resorts, while the same items could cost as much as £248 in Porec, Croatia or £279 in Ibiza. Visiting a water park cost between £56 on Kos and £59 in Puglia to £113 in Porec and £118 in Ibiza.
Post Office Travel Money’s Laura Plunkett said: “Work out your holiday budget carefully and take enough cash or a pre-paid travel card to cover resort costs to help avoid overspending and having to incur fees for changing money or paying on plastic while abroad. It can be hard to say no to children on holiday but one way to avoid big bills for beach items is to pack what you can in the suitcase before you go and give your children a set amount of pocket money so they can choose what to spend to an agreed limit.”
Phillip Iveson, Commercial Director at TUI UK & Ireland, said: “It’s clear that it’s not just the UK that is impacted by the cost of living, but despite this, the report shows that there are still plenty of great value destinations for families to choose from. We know how important holidays are to our customers and they will find a way to make it work for them; from finding the right holiday that falls within budget, to factoring in spending money while in their destination. We’re continuing to see strong demand for more affordable holiday favourites, including Bulgaria and Turkey, as well as the likes of Greece and Spain.
“Our all-inclusive offerings continue to be in high demand, as customers appreciate the convenience of having everything covered and knowing exactly what they can spend on meals, activities, and other items when they’re in destination. Self-catering options continue to remain popular as well, reflecting a budget-conscious approach by British travellers who are opting for different holiday options that work for their personal circumstances.”
The Post Office is the UK’s leading foreign currency provider, offering over 60 currencies for pre-order at 7,000 Post Office branches or online at www.postoffice.co.uk/travel for next day branch or home delivery. 3,600 larger Post Office branches stock the leading currencies and more than 7,000 offer euros over the counter without pre-order. These can also be ordered online for same day ‘click and collect’ at selected branches, next day collection at any branch or home delivery.
Ends
All prices quoted are rounded up or down to the nearest pound.
A full breakdown of Family Holiday Costs Barometer and Children’s Beach Barometer prices for the 16 destinations surveyed can be found at www.postoffice.co.uk/familyholidays.
Notes to Editors:
1 Post Office Family Holiday Costs Barometer 2024: Local prices were researched by TUI as well as by tourist offices for the Algarve, Corfu, Costa del Sol, Madeira, Malta, Marmaris (Marmarisinfo.com), Paphos and Porec. These prices were converted to sterling using the mid-July online exchange rate for a £500 transaction.
2 Resorts where prices have risen year-on-year:
| 1. | Algarve, Portugal | +18.4% | £124.24 |
| 2. | Marmaris, Turkey | +17.6% | £116.94 |
| 3. | Ibiza, Balearic Islands | +14.7% | £229.21 |
| 4. | Funchal, Madeira | +11.5% | £168.06 |
| 5. | Corfu, Greece | +11.3% | £167.36 |
| 6. | Kos, Greece | +9.8% | £150.33 |
| 7. | Sunny Beach, Bulgaria | +9.8% | £110.47 |
| 8. | Porec, Croatia | +8.9% | £177.48 |
| 9. | Rhodes, Greece | +5.8% | £156.93 |
| 10. | Sliema, Malta | +4.4% | £172.95 |
| 11. | Paphos, Cyprus | +4.0% | £144.48 |
| 12. | Puglia, Italy | +2.0% | £173.96 |
3 Consumer research conducted online by Yonder for Post Office Travel Money among 2,067 UK adults aged 18+ (28-30 April 2024).
4 Post Office Children’s Beach Barometer 2024: Local prices were researched by TUI as well as by tourist offices for the Algarve, Corfu, Costa del Sol, Madeira, Malta, Marmaris (Marmarisinfo.com), Paphos and Porec. These prices were converted to sterling using the mid-July online exchange rate for a £500 transaction.