There's bad news for Brits looking to travel to Spain in the next few months.
For one week's getaway, you will likely end up paying at least £505 more now than they would’ve this time last year, new research has revealed. The findings, from foreign exchange expert eurochange, follows 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.
Given the sum doesn’t take into account flights - which are reported to cost around 45% more now than they did last year - the price hike will be even higher. The area that’s seen the biggest annual increase is car hire, which costs 136% more than this time last year, with Brits expecting to shell out a £609 for a week's rental, or £52 per day.
READ MORE: Flight attendant shares 'best way' passengers can get upgraded to first class for free
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% rise over the last year, and means a week stay (6 nights) will now set holidaymakers back £504.
Many local businesses have raised prices to make up for a profit loss during the pandemic, meaning tourists could be left out of pocket unless they’re planned for the extra cost. Restaurant meals have also seen a slight spike, with the typical dinner costing £17.50 in 2021, and now equalling £19 - a 9% 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).
This is bad news for Brits looking to get away this autumn, and many might be surprised to see how much more expensive their Spain getaway is now compared to last year.
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.”
Receive newsletters with the latest news, sport and what's on updates from the Liverpool ECHO by signing up here
READ NEXT:
Woman sexually assaulted on Ryanair flight from Liverpool to Spain
Plea to help bring 'beautiful' woman's body home after she fell to her death in Ibiza
Wanted drug dealer finally jailed after ten years on the run
Man shot with Glock used by Olivia Pratt-Korbel killer 'owed debt' to murder suspect
