NEWS SPECIAL REPORT Prices fall in half of worldwide resorts
UK tourists are reaping the rewards of a strong pound and local price cuts, according to the Post Office Holiday Money Report 2016. Phil Davies reports
Prices have dropped by almost a third in more than half of resorts and cities worldwide, with the Portuguese Algarve now cheapest for UK tourists.
The cost of eight tourist staples, including meals and drinks, has fallen in 23 of the 44 worldwide destinations surveyed by Post Office Travel Money in a report published last week. The strength of sterling is the
main reason, although local price cuts are a contributory factor in 13 destinations. Prices are down by 18% year on
year in the Algarve, with the cost of tourist staples falling to £29.32. The Bulgarian resort of Sunny
Beach registered a similar 18% fall to £29.49. By contrast, some local shop and bar prices have risen in the Costa del Sol to £35.61. Three eastern
Mediterranean resorts – Marmaris, Paphos and Corfu – are rated as among the top 10 most-affordable destinations, while
How much? Cheapest and dearest of 44 resorts
Rankings based on the sum of eight tourist staples 1 Algarve, Portugal
2 Sunny Beach, Bulgaria 3 Cape Town, South Africa 4 Costa del Sol, Spain 5 Marmaris, Turkey 6 Budapest, Hungary
7 Prague, Czech Republic 8 Bali, Indonesia 9 Paphos, Cyprus 10 Corfu, Greece
35 Rodney Bay, Saint Lucia 36 Darwin, Australia 37 Austin, US
38 Montego Bay, Jamaica 39 Muscat, Oman
40 Auckland, New Zealand 41 St Lawrence Gap, Barbados 42 China Town, Singapore 43 English Harbour, Antigua 44 Jumeirah, Dubai
£29.32 £29.49 £34.55 £35.61 £38.83 £39.40 £40.19 £40.35 £41.58 £43.42
£93.38 £96.83 £98.95 £100.91 £109.38 £110
£117.50 £123.61 £134.94 £150.38
Source: Worldwide Holiday Costs Barometer 2016
prices in Tokyo have dropped 18% compared with a year ago. A 20% price fall makes Cape
18% Percentage
fall in prices in the Algarve in past year
Town the best value for long-haul travellers, with Bali in second spot. Australia, Costa Rica, Iceland, Vietnam and Peru are among 10 hotspots for 2016 as the Post Office reports surging demand for their currencies. But the strong dollar has had a negative impact on the prices
tourists pay in the US, with the pound this month about 3% weaker than a year ago. Orlando again emerges as
best value, although prices are up almost 9%. Boston is the least expensive of four major US cities surveyed, ahead of San Francisco, New York and Washington. UK tourists travelling to most Caribbean islands and the Gulf region also face rises because their currencies float alongside the dollar and have strengthened to a similar degree against sterling. Prices are highest in Dubai, while
two of the most popular Caribbean islands, Antigua and Barbados, are also more expensive than last year. Jamaica registered the year’s
biggest rise, with prices up by more than 30% in Montego Bay. Prague, last year’s best-value destination, is almost 14% more expensive year on year due to rising meal costs against city-break rival Budapest.
HOTSPOTS
Andrew Brown, Post Office Travel Money “If sterling continues to hold its
value, UK holidaymakers will have plenty of choice in the coming year. “In Europe the best deals
are likely to be in Portugal and Bulgaria, where increased competition to attract tourists has resulted in lower prices for tourist staples. “For those travelling farther afield, Cape Town, Bali and Tokyo look good bets for the bargain hunter. “When you look at many of the fastest-growing currencies over the past year, it is clear that the strength of sterling has played an important part in determining holiday choice. “Aspirational destinations such as Australia, Peru and Japan have become more affordable and are among the most obvious beneficiaries of this. The Costa Rican colón was the Post Office’s fastest-growing currency of 2015 with sales up 46%, while demand for the Icelandic krona has mushroomed by 276% in the past five years.”
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travelweekly.co.uk 21 January 2016
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