In times of inflation, some people need to save money on holiday, so it’s worth taking a look at the holiday euro statistics. Eastern Europe gets the most out of its travel budget…
On average, Austrians will get one fifth (20 percent) more for their money abroad this year than at home. The annual “holiday euro” calculated by UniCredit Bank Austria is worth the most in Bulgaria, followed by Romania and Poland. In Greece, Croatia, Turkey, Spain and Portugal you also get about 30 percent more value for your money than in Austria. However, Switzerland remains the most expensive destination for holidaymakers.
European destinations became more expensive
Overall, European destinations have become slightly more expensive this year compared to last year and compared to Austria – despite high domestic inflation, Stefan Bruckbauer, chief economist at UniCredit Bank Austria, said on Tuesday, according to the broadcast. “In Turkey and Hungary, where the holiday euro was worth the most in the past, you will get significantly less this year than last year due to high inflation,” says Bruckbauer. Nevertheless, Hungary remains one of the countries where the purchasing power of Austrians remains particularly high.
In Germany, where the European Football Championship will take place in June and July this year, the difference in purchasing power is quite small, but you still get a little more for your money than at home. In Germany, 100 euros is worth 108 euros.
Switzerland remains the most expensive holiday destination
Overseas destinations, on the other hand, have become cheaper, on average by 11 percent. Exchange rate developments play an important role in this. “Based on holiday behavior, there was again a significant increase in holiday euros at overseas destinations, just like in 2023. The stronger euro was solely responsible for this; price increases in many of these countries were higher than in Austria,” Bruckbauer said.
However, Switzerland remained the most expensive holiday destination for Austrians. Although inflation in Switzerland has been considerably lower than in Austria, an increase in the value of the Swiss franc against the euro has reduced the value of the holiday euro by 4 percent and in Austria amounts to only about two-thirds of its value.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
