Family holiday prices ‘stabilising’ despite ongoing economic uncertainty
James ChappleHoliday prices have stabilised over the past 12 months, increasing by only around half the average rate of inflation over the past year despite ongoing inflationary pressures and global economic uncertainty.
TravelSupermarket measured year-on-year price changes for holidays in August 2024 versus August 2023 in 20 of its most popular destinations, including the Canaries, the Balearics, mainland Spain, Greece, Turkey and Portugal, with Spain seeing some of the biggest falls – and jumps.
Its study revealed prices have increased by 1.57% on average – 1.63% lower than the average rate of inflation in the 12 months to the end of March 2024. It comes after the Office for National Statistics on Wednesday (17 April) confirmed the Consumer Price Index (CPI) has now fallen to 3.2% over the same period.
The biggest drop in price for an all-inclusive package holiday was in Spain’s Costa Dorada, down by £82.76 (9.57%) year-on-year from £864.61 to £781.85, followed by Antalya, where prices have fallen by £81.40 (8%) from £1,013.15 to £931.75 and Rhodes where prices are down by £53.67 (5.49%) from £978.07 to £924.40.
TravelSupermarket’s study was based on searches for family holidays to its top 20 destinations, departing in August, made in the period between 24 February 2024 and 24 March 2024 and those made during the same period a year earlier from 23 February 2023 to 24 March 2023.
Other destinations proving cheaper this year than last for an August getaway include Egypt (-2.58% to £970.38), Lanzarote (-2.27% to £881.75), Malta (-1.08% to £882.94), Menorca (-0.58% to £1,014.30) and Fuerteventura (-0.54% to £802.74).
Destinations experiencing the biggest price increases over the period measured by TravelSupermarket include the Costa del Sol, up by £135.91 (16.45%) from £826.22 to £962.13 and the Costa Brava, where prices have increased by £87.46 (12.27%) from £712.60 to £800.06.
Prices for holidays to Ibiza, Costa Blanca and Gran Canaria have all increased at a rate above the CPI measurement of inflation.
Others, though, have experienced more modest increases in price, with many remaining below the CPI measurement of inflation. These include Majorca (+0.53% to £873.19), Corfu (+1.82% to £919.84), Crete (+1.84% to £1,048.04), Dalaman (+2.14% to £841.64), the Algarve (+2.50% to £990.29) and Tenerife (+2.60% to £916.82).
Richard Singer, chief executive of TravelSupermarket parent Ice Travel Group, hailed the research "good news for British holidaymakers".
"On average, holiday prices have so far increased by just 1.57%, well below the ONS’ Consumer Price Index for other household goods. This is a welcome relief for consumers who have been warned prices for goods and services are unlikely to return to pre-crisis levels."
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James Chapple
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