If you plan on visiting Spain over the coming months, you'll likely have to fork out a lot more money than usual.
For a week's holiday, it's expected you'll need to pay at least £505 more now than you would’ve this time last year, new research has revealed.
The foreign exchange experts eurochange tracked a year-on-year comparison of accommodation fees, meals out, car hire and currency exchange rates - all of which have increased in mainland Spain.
These findings don't take into account the price of flights, which reportedly cost around 45% more now compared to last year. Therefore, the price hike is likely to be even higher.
Car hire costs were the worst hit, costing 136% more than this time last year, with Brits expecting to shell out a £609 for a week's rental, or £52 per day.
This sum is based on figures provided by car rental companies Sixt, Hertz, Avis, Budget, Enterprise and Europcar, which reveals the same rental in 2021 would have cost much less at £258 per week.
Another badly hit area was hotel prices, with a one-night stay priced at £62 in 2021 now amounting to £84 per night. Now, this means a six-night stay will set holidaymakers back £504.
Because of a loss of earnings during the pandemic, many businesses have been forced to increase their prices, meaning it's vital for tourists to plan out their holiday expenses in advance.
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.
The rising cost of food is inevitable due to inflation, but a helpful tip for holidaymakers is to research the best deals when booking other things such as hotels. This will make sure that they're not being 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.
According to eurochange, the typical tourist brings £626 in travel money when visiting Spain. With the 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).
Holidaymakers may be surprised when pricing their Spanish getaway at how much the costs have risen in the short space of a year.
Charles Stewart, Managing Director at eurochange, offers advice on how holidaymakers can make their money go further this autumn. He said: "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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