With the cost of living crisis hitting us all, many travelers are looking for the destinations where their money will go the furthest.
Post Office researchers surveyed 2,000 tourists at 26 foreign destinations they had previously visited, asking them to rate vacation hotspots on profitability.
As well as recording tourists’ perceptions of overseas costs, the research investigated how far their money would stretch in dozens of different travel destinations.
If you want to get away without breaking the bank, here’s where to head for your next vacation.
Which vacation spot offers the best value for money?
According to British holidaymakers, Spain is the most economical travel destination in the world.
It topped the charts, with 92% saying it offered “good value for money”.
Brits love mainland Spain – but they love Spain almost as much the Canary Islands.
91% of respondents think this beautiful island paradise offers good value for money.
Greece ranked third out of 26 countries, with a score of 89%, closely followed by Portugal (88%), Turkey (88%) and Mexico (85 percent).
Thailand, Malta and Cyprus also made the top ten.
It wasn’t nearly as popular everywhere, with many destinations failing to reach the 50% approval rating.
Just across the border from Spain, France fared poorly, ranking 22nd out of 26 destinations. Italy fared slightly better, finishing 17th.
Luxurious Dubai was near the bottom of the table with 44%, edged out by expensive Scandinavia (42%).
How far will your money go?
The Post Office survey also rated 36 destinations on the cost of food, drink and basic necessities.
The researchers selected eight items that were “representative of purchases tourists are likely to make”.
This transportation included a three-course dinner for two with wine, a bottle of beer, a glass of wine, a can of Coca-Cola, a large bottle of still water, a cup of coffee, sunscreen and a insect repellent.
In the port city of Marmaris, Turkey, or Sunny Beach, Bulgaria, the list of goodies would cost you a mere €30.5.
Despite Spain’s high approval rating among tourists, costs are rising rapidly. On the Costa del Sol, the same eight items will cost €71. In Lanzarote, Canary Islands, they will cost €84.
All this has nothing to do with dear Reykjavik in Icelandwhere transportation would cost you €186.
Why is this research important?
Post Office researchers have urged holidaymakers to do their research before heading abroad.
“It will pay off to invest time in holiday homework because many people will not have traveled overseas in the last couple of years,” said Nick Boden, head of Post Office Travel Money.
“They should be aware that prices have risen sharply in some destinations and fallen significantly in others.
“We advise you to make a list of destinations and compare costs before booking a trip.”
Prices have fallen by more than a third in Marmaris compared to the same period last year, fueled by the collapse of the Turkish lira. Prices also fell 15% year-on-year in Greece.
Compared to pre-COVID9 prices, costs have changed even more drastically.
“Compared to March 2020, when the first lockdown was announced and travel to most countries was banned, Post research found prices are now lower in two-thirds of destinations – with the largest drop of more than 50% in Costa Rica“, say the researchers.