Press release -
Revealed: the world’s best value holiday hotspots and the destinations already proving popular with Britons in 2022
- 37% price fall makes Turkey cheapest of 36 destinations surveyed in Post Office’s global barometer of tourist costs – beating Bulgaria to the top spot for the first time
- Bulgaria may prove a more popular choice, as its currency outperforms the Turkish lira and joins Mexican peso in Post Office 10 bestselling currencies for the first time
- South Africa is best value long haul, while Orlando enters top 10 for the first time
- Prices are down year-on-year in half of resorts and cities – boosted by sterling gains
As the UK government removes the remaining COVID-19 international travel restrictions for all passengers, soaring sales for long haul currencies led by the Mexican peso and Caribbean currencies suggest Britons will be travelling further afield for the first time since the start of the pandemic. Currency trends published in the latest Post Office Holiday Money Report found that peso sales are 45 per cent higher than in 2020’s pre-pandemic period. However, sterling’s strength against European currencies means tourists will get more for their money closer to home. The report’s Worldwide Holiday Costs Barometer of 36 destinations found that resorts in Turkey and Bulgaria offer by far the lowest prices for bargain hunters.
The collapse of the Turkish lira has helped Marmaris to edge past Sunny Beach, Bulgaria for the first time and take top spot in the 16th annual survey of costs for eight tourist staples – a three-course evening meal for two with wine, bottle of beer, glass of wine, can of Coca-Cola, large bottle of water, cup of coffee, suncream and insect repellent. Although a few pence separate the two, a 37 per cent fall in prices caused by the weak lira made Marmaris marginally cheaper at £26.13 for the eight items, compared with £26.19 in Sunny Beach.
Bulgaria may yet prove to be the more popular choice as bargain-seeking Britons line up to visit the country’s Black Sea resorts. Sales of Bulgarian lev at Post Office Travel Money, which accounts for one-in-four UK currency transactions, are currently outstripping those of the lira by nearly 14 per cent. As a result, the lev has leapt into the Post Office’s top 10 bestselling currencies for 2022 in 10th place, three ahead of the Turkish lira in 13thposition.
Euro currency sales are also surging and are now just 23.7 per cent behind their buoyant position in early 2020 before Covid-19 struck. Eurozone resorts are also looking good value, taking five of the top 10 barometer places. The Algarve (£44.39, down one per cent) remains cheapest in third place, with costs 25 per cent lower than in sixth-placed Costa del Sol (£59.56, down 2.2 per cent).
However, Cyprus has overtaken the Spanish favourite to take fifth place after recording a steep price fall of over 15 per cent to £56.44 in Paphos. Malta (9th) has also made the top 10 with a 5.8 per cent drop in barometer costs in Sliema (£65.35). Eighth-placed Madeira (£64.05) was the only top 10 destination to show a price increase, albeit of just 3.4 per cent.
Cape Town, South Africa remains best value for long haul holidaymakers and retains fourth place after registering a 1.6 per cent price fall to £53.23. A larger fall of 5.9 per cent helped Mombasa, Kenya (£61.30) to jump five places to seventh in the table.
Even though sterling has lost ground against the US dollar since last year, Orlando, Florida (10th) has entered the barometer top 10 for the first time after prices fell 10.1 per cent year-on-year to £67.01. Post Office Travel Money says it is worth noting that Britons visiting the world’s theme park capital for the first time in two years will find prices around 22 per cent lower since then.
Nick Boden, Post Office Head of Travel Money, said: “It will pay dividends to invest time in holiday homework because many people won’t have travelled abroad in the past two years. They need to be aware that prices have risen sharply in some destinations and fallen significantly in others. We advise making a destination shortlist and comparing costs before booking a trip.”
Sterling’s strength against many currencies has proved decisive in helping to keep costs down. Holidaymakers will pay less than a year ago in half of the 36 destinations surveyed. Aside from falls in the top 10 destinations, prices are down over 15 per cent in Corfu (18th, £76.94). They have also fallen 11.8 per cent in Phuket, Thailand and 6.5 per cent in Darwin, Australia - destinations just open to tourists after two years of closure. Both Thailand and Australia feature in the Post Office Travel Money Holiday Hotlist because of reduced resort costs and the buoyant pound.
Nick Boden advised: “The buoyancy of sterling is welcome news as Britons get set to book holidays abroad but, to get the most for their money, they should not only pick destinations where sterling is performing well, but also where the cost of meals, drinks and other tourist staples is low. There is plenty of choice: In Europe, Turkey and Bulgaria are best buys but further afield it will be worth considering Thailand or Mauritius.”
Other countries included in the 2022 Holiday Hotlist are Turkey, Croatia and Dubai, the latter chosen despite a rise of almost a third in barometer costs for Jumeirah Beach (£132.73). This is because a 29 per cent rise in sales made the UAE dirham third only in the Post Office bestseller list behind the euro and US dollar last year, underlining strong consumer demand for Dubai. Demand is also expected to grow for Croatia after its currency, the kuna, scored 2021’s biggest sales increase of 52 per cent.
Although prices have risen in all the Caribbean and Central American destinations surveyed except Costa Rica (£79.50, down 3.9 per cent) and Grenada (£95.23, down 7.1 per cent), demand for Caribbean and Mexican currencies is riding high. While visitors to Cancun (£83.33) can expect to pay around 22 per cent more than last year, the Mexican peso has moved into the Post Office 2022 top 10 for the first time in ninth place. 2022 sales of the peso are now 45 per cent higher than in the corresponding period in 2020. Barometer costs in Cancun are also lower than in Jamaica (£85.92), Grenada (£95.23), St Lucia (£112.04), Antigua (£123.36) and Barbados (£156.74).
The Post Office is the UK’s leading foreign currency provider, offering around 60 currencies for pre-order at 7,000 Post Office branches or online at www.postoffice.co.uk/travel for next day branch or home delivery. 3,600 larger Post Office branches stock the leading currencies and around 7,000 offer euros over the counter without pre-order. These can also be ordered online for same day ‘click and collect’ at selected branches, next day collection at any branch or home delivery.
ENDS
A full breakdown of findings from the Post Office Travel Money Holiday Money Report can be found in the accompanying brochure.
For more information, please contact:
Christine Ball CBPR 01798 874177 / 07976 285997 cball@cballpr.co.uk
Emma Hancock Post Office Press Office 07980 687871
Categories
About the Post Office
- With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
- Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
- Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
- Post Office is simplifying its proposition for Postmasters with a focus on itscash and banking; mails and parcels; foreign exchange; andbill paymentsservices.
- Researchhas found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
- 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.
