The prices of package holidays to popular Mediterranean destinations like Mallorca and Crete have surged by up to 25% compared to last year due to high demand and increasing costs for providers. TravelSupermarket reports that all-inclusive deals for sought-after destinations such as Spain, Turkey, Greece, Portugal, and Cyprus have risen by nearly 12%. The average price across the top five Mediterranean destinations has increased by over 30% compared to pre-pandemic levels, exceeding the inflation rate since 2019. This surge in prices is driven by a combination of high traveler demand, food price inflation, and rising fuel and wage costs.
Richard Singer, the CEO of TravelSupermarket, acknowledges the strong demand for holidays and the impact of global inflation on prices, stating that prices for next year are expected to be similar to this year’s rates. However, he suggests that there are still great holiday bargains available, especially for those who can be flexible with travel dates, duration, or consider new destinations like Turkey.
Victoria Scholar, Head of Investment at interactive investor, acknowledges that travel businesses have raised prices to offset cost inflation pressures from wages, fuel, food, and drinks. Despite this, consumer demand for summer holidays remains robust, with families opting for package holidays as a more affordable option amidst the cost of living crisis. However, the price advantage traditionally associated with package holidays appears to be diminishing.
In response to the increasing prices, some people are shortening their holidays to save money. It should be noted that car hire prices have decreased since last summer, providing a glimmer of positivity amidst the overall surge in holiday costs.
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