If you are looking to jump on a plane soon and head to sunny Spain, there may be bad news.
If you're heading on holiday and are, for example, staying for a week, you may be paying at least £505 more than you would have this time last year.
It comes after new research by foreign exchange expert, eurochange, who looked at a year-on-year comparison of accommodation fees, restaurant meals, car hire and currency exchange rates, which reveal significant annual increases across the board in mainland Spain.
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As reported by Liverpool Echo, this figure sadly does not take into account flights which are now said to be higher than last year also with around a 45 per cent increase. Another cost that is rising is car hire which is also up by a large amount sitting at an increase of 136 per cent with Scots expected to shell out £609 per week for a rental - or £52 per day.
This sum is based on rates provided by Sixt, Hertz, Avis, Budget, Enterprise and Europcar, which reveals the same rental in 2021 would have cost much less at £258 per week. Hotel rates have also risen substantially, with a one-night stay priced at £62 in 2021 now amounting to £84 per night. This represents a 36 per cent rise over the last year, and means a week stay (six nights) will now set holidaymakers back £504.
In addition to this, and due to factors such as the cost of living crisis and the pandemic, local businesses have raised prices to make up for a profit loss during Covid meaning tourists could be left paying more. Restaurant meals have also seen a slight spike, with the typical dinner costing £17.50 in 2021, and now equalling £19 - a nine per cent increase over the last year. Based on one restaurant meal per day, that equals an average weekly spend of £133 per person.
While rising food costs are understandable given inflation, holidaymakers will want to research the best deals when booking a hotel, to make sure they’re not getting ripped off. Exchange rates also offer less value now than they did this time last year, having dropped from a mid-market rate of 1.165 in September 2021 to 1.143 in September 2022.
Recent survey data from eurochange found holidaymakers take £626 in travel money when visiting Spain. With the year-on-year drop in exchange rate, it means Brits will get 13.47 fewer euros now for £626 than they would’ve done last year (a loss of £11.77).
Charles Stewart, Managing Director at eurochange, offers advice on how holidaymakers can make their money go further this autumn. He says: “We’re all feeling the pinch at the moment, especially as many tourist destinations have increased their local prices post-pandemic. However, there are ways people can cut costs in other areas abroad.
“Preparation is key when it comes to cutting costs, as there are many package holidays and budget flights available if you research. Holidaymakers can also save by avoiding hiring a car, as it’s a large expense that’s more than doubled in the last year.
“It’s also key to keep an eye on exchange rates and seek out the best deals, to make sure your cash goes as far as it can whilst abroad. If possible, make sure to take more money away with you than you previously would have done to make up for the drop in rates.”
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