Monday, 25 July 2016

Decline in resort costs cushions £ fall

WITH the end of the school term in sight, the challenge for families planning trips to the euro zone, will be how to get the most for their money and avoid busting their budget after sterling’s fall in value.

There is encouraging news for them in the Post Office Travel Money Family Holiday Report. This confirms that while resort prices are up on 2015 levels, when sterling was at a seven-year high, meals, drinks, and tourist items now cost less in several family favourites than in each year between 2011 and 2014.

Andrew Brown of Post Office Travel Money explains: ‘It’s all about putting today’s exchange rates into context. Sterling may have fallen recently, but when you compare its value with every other year since 2011 except 2015, holidaymakers can be reassured that the cash in their pockets will cover their costs – particularly as bars and restaurants in several of the resorts we surveyed have cut their prices to attract tourists.’

Families can expect to pay over a third less for a meal this summer than in 2011 in the Costa del Sol (£34.83 now compared to £53.92 in 2011) or Crete (£39.19 vs £58.82) and 40 percent less in Bulgaria (£27.83 vs £46.39).

Meal costs are lowest by far in Bulgaria. Families can expect to pay an average of £27.83 in Sunny Beach – 3.8 percent less than in last year’s record-breaking summer (£28.92).  The Algarve is another good bet for bargain hunters at £33.09 for a family meal. By contrast, holidaymakers visiting Sorrento (£87.09) and Ibiza (£100.15) will pay over twice as much as in Sunny Beach or the Algarve.

But Brown warned: ‘Keeping a tight rein on the holiday purse will still be crucial this summer and that is going to be a big challenge for many because our latest research found that only one-in-five families stuck to their budget on their last holiday.  The majority of families said they overspent by an average of over 25 percent – or £178 – on the £694 budget they set.

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