New TravelSupermarket data has revealed that after two years of soaring inflationary pressures and looming economic uncertainty, family holiday prices have stabilised, increasing significantly less over the last 12 months than Consumer Price Index (CPI).
TravelSupermarket, a leading UK holiday price comparison website, measured the year-on-year price changes for 20 of its most popular destinations, comparing prices for holidays in August 2024 with August 2023.*
The data reveals prices have increased on average by 1.57%, 1.63% lower than the average inflation rate in the 12 months leading to March 2024.
Earlier today the ONS reported that Consumer Price Index (CPI) continued to fall to 3.2% in the 12 months to March 2024.
The Antalya area in Turkey has grown as a popular all-inclusive package holiday destination so it will be of great interest to consumers to learn that all-inclusive package holiday prices to Antalya’s stunning coastline are down -8% in 2024. There is also good news for families considering Rhodes this summer, as prices are down -5.49%, saving consumers an average of £53.67.
The destination showing the most significant fall in price is Costa Dorada. With package holiday prices for the Catalonian region down by -9.57%, holidaymakers on average will be eyeing up savings of over £80.
Other destinations proving cheaper for consumers in 2024 are Lanzarote (-2.27%), Egypt (-2.58%), Fuerteventura (-0.54%), Menorca (-0.58% ) and Malta (-1.08%).
On the flip side, some destinations have experienced a jump in price. While Costa Brava is consistently one of Europe’s cheapest all-inclusive holiday destinations, it has seen prices rise 8% in 2024 and Costa Del Sol, a popular hub for Brits, is seeing average prices more than 16% higher than in 2023.
Destinations that have increased in price but remain below the CPI rate over the last 12 months include Mallorca (0.53%), Tenerife (2.6%), Crete (1.84%), Dalaman Area (2.14%), Algarve (2.50%), Corfu (1.82%) and Kos (3.14%).
Gran Canaria (5.33%), Costa Blanca (6.42%) and Ibiza (6.50%) have all risen ahead of inflation this year.
Richard Singer, CEO, said “Our research is 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 that prices for goods and services are unlikely to return to pre-crisis levels.”
*Between 24 February 2024 – 24 March 2024, TravelSupermarket recorded all searches on family holidays to top 20 destinations departing in August and was compared to the same data during the same period in 2023, 23 February 2023 – 24 March 2023.
