• Bulgaria’s Sunny Beach narrowly beats Turkey’s Marmaris as best family hotel
• Portugal’s Algarve remains the cheapest of the 14 Eurozone destinations surveyed
• Huge price differences persist across Europe, with Ibiza costing twice as much as Sunny Beach
• But prices have risen in 12 of the 16 European holiday destinations surveyed by the Post Office and TUI
• Spending is higher than ever before, with 73% of parents going over budget by an average of 55% on their last holiday, with beachside extras contributing to this (www.postoffice.co.uk/familyholidays)

Now that schools are closing for the summer holidays, the annual Post Office Travel Money Family holiday report, produced in collaboration with travel agency TUI card,reveals bargain hunters will find lowest resort prices in Sunny Beach¹. Bulgaria’s best Black Sea resort has overtaken Marmaris, last year’s best value, to take the top spot in a cost comparison of 16 European holiday destinations. High inflation meant the Turkish resort was one of 12 destinations where prices rose.².

At just over £110 for 10 items – including lunch and dinner, snacks, drinks, sunscreen and insect repellent – ​​Sunny Beach has reclaimed the top spot in the rankings. Family holiday cost barometer despite a 9.8 per cent price increase since last July. However, prices for a family meal remain low, at £59 for three courses including drinks, just £3 more than a year ago.

In contrast, research by TUI (supplemented by local organisation www.marmarisinfo.com) has shown that the price likely to be paid by British visitors in second-place Marmaris has risen by 17.6 per cent to £117. High inflation has seen prices double and while sterling has continued to strengthen strongly against the Turkish lira, the improved exchange rate can only help to reduce the amount of extra money British holidaymakers pay.

In third place, the Algarve remains comfortably the best value of the 14 eurozone destinations surveyed, although it too has suffered a significant price increase of 18.4 per cent. However, at £124 for the Barometer basket, prices in flagship resort Albufeira were 84 per cent lower than Ibiza, the most expensive in the survey at £229 for the same items. This year’s Barometer again found that wide price differences persist across Europe, with Ibiza costing twice as much as Sunny Beach.

Post Office Travel Money found that prices had risen in three quarters of resorts – with Ibiza (up 14.7 per cent), Madeira (up 11.5 per cent, 11^e£168) and Corfu (+11.3 percent, 10^e£167) and joins Marmaris and the Algarve with increases of more than 10 per cent. Elsewhere, Paphos, Cyprus, looks good value after rising just four per cent to £144, lifting the resort to fifth in the table.

Four destinations saw their prices fall, including Costa del Sol, which is in fourth place and has closed the gap on the Algarve after barometer costs fell by 0.7 per cent to £138. The biggest drop of 7.2 per cent to £155 was in Lanzarote, which saw the Canary Island rise from 13th to seventh place.^elast year. Mallorca (-1.2 percent, £166.9^e) and Crete (-02%, £180, 15^e) also saw price reductions.

Laura Plunkett, Head of Travel Money at the Post Officesaid: “Although the pound is now stronger than it was in July last year, price inflation across Europe means that families will have to factor in higher costs for meals, drinks and other tourist expenses into their spending budgets. Doing some homework before you go can help reduce the chance of blowing your budget abroad.”

Consumer research conducted for the Family Holiday Report³found that most families did just that on their last trip abroad. More than two-thirds (68 percent) of families said they were planning a holiday abroad this year, but almost three-quarters (73 percent) of them overspent by a record 55 percent on their last trip, spending an extra £312 on the average budget of £566 they had set. Meals and drinks are the biggest spenders. More than nine in 10 parents said they spent an average of £378 on eating out, buying drinks in bars and restaurants and shop-bought food and drinks.

Spending on treats for their children is another factor that contributes to overspending on family holidays. Nearly nine in ten (88 percent) of parents said that meeting children’s demands for beach equipment had cost them an average of £202 on their last holiday.

To quantify this, Post Office Travel Money has developed a new Children’s Beach Barometer⁴ reveals that spending on buckets and spades, inflatables, swimming masks and snorkels, ice creams, pedalos and water park visits could cost a family of four between £153 and £279 for a week’s holiday, depending on their destination. Marmaris, Turkey (£153); Funchal, Madeira (£169) and Puglia, Italy (£172) were the cheapest resorts, while the same items could cost up to £248 in Porec, Croatia or £279 in Ibiza. A visit to a water park cost between £56 in Kos and £59 in Puglia to £113 in Porec and £118 in Ibiza.

Laura Plunkett from Post Office Travel Money said: “Work out your holiday budget carefully and take enough cash or a prepaid travel card to cover resort costs, so you don’t overspend and don’t have to pay for currency exchange or plastic fees abroad. It can be hard to say no to children on holiday, but one way to avoid big beach bills is to pack as much as you can before you leave and give your children a set amount of pocket money so they can choose what they want to spend, up to an agreed limit.”

Phillip Iveson, Commercial Director at TUI UK & Ireland, said: “It’s clear that it’s not just the UK that is affected by the cost of living, but despite this, the report shows that there are still plenty of great destinations for families to choose from. We know how important holidays are to our customers and they will find a way to make it work for them; from finding the right holiday that fits their budget, to factoring in spending while they’re in destination. We continue to see strong demand for more affordable holiday favourites including Bulgaria and Turkey, as well as countries like Greece and Spain.

“Our all-inclusive offers continue to be very popular, as customers appreciate the convenience of having everything covered and knowing exactly what they can spend on meals, activities and other items once they are in destination. Self-catering options also remain popular, reflecting a budget-conscious approach from British travellers who are choosing a range of holiday options to suit their personal circumstances.”

The Post Office is the UK’s largest foreign exchange provider, offering over 60 currencies for pre-order at 7,000 Post Office branches or online at www.postoffice.co.uk/travel for next day delivery to a branch or home. 3,600 larger Post Office branches stock major currencies and over 7,000 offer Euros without pre-order. These can also be ordered online for same day ‘click and collect’ from selected branches, next day collection from any branch or home delivery.

Ends

All prices quoted are rounded to whole pounds.

A full breakdown of Family Holiday Costs Barometer and Children’s Beach Barometer prices for the 16 destinations surveyed can be found at www.postoffice.co.uk/familyholidays

¹ Post Office Family Holiday Costs Barometer 2024: Local prices were researched by TUI and tourist boards for the Algarve, Corfu, Costa del Sol, Madeira, Malta, Marmaris (Marmarisinfo.com), Paphos and Porec. These prices were converted to sterling using the online exchange rate from mid-July for a transaction of £500.

² Resorts where prices have increased year-on-year:

Algarve, Portugal +18.4% £124.24

Marmaris, Turkey +17.6% £116.94

Ibiza, Balearic Islands +14.7% £229.21

Funchal, Madeira +11.5% £168.06

Corfu, Greece +11.3% £167.36

Kos, Greece +9.8% £150.33

Sunny Beach, Bulgaria +9.8% £110.47

Porec, Croatia +8.9% £177.48

Rhodes, Greece +5.8% £156.93

Sliema, Malta +4.4% £172.95

Paphos, Cyprus +4.0% £144.48

Puglia, Italy +2.0% £173.96

³ Consumer research conducted online by Yonder for Post Office Travel Money among 2,067 UK adults aged 18+ (28-30 April 2024).

⁴ Post Office Children’s Beach Barometer 2024: Local prices were researched by TUI and tourist boards for the Algarve, Corfu, Costa del Sol, Madeira, Malta, Marmaris (Marmarisinfo.com), Paphos and Porec. These prices were converted to sterling using the online exchange rate from mid-July for a transaction of £500.