Prices for typical vacation products and services have risen significantly faster than overall inflation. About half of the people in the fifth of the population with the lowest income cannot afford a holiday.
Based on the general inflation rate, it was found that air travel will cost 11.2 percent more than in 2023. Travelers would have to pay 6.6 percent more for petrol and diesel, and 5.5 and 4.8 percent more for trains and buses.
In 2023, prices rose sharply
“This year, holidaymakers will only pay the same amount for package holidays as last year,” the Momentum Institute said in a press release. However, the year before, expenditure on this had already increased considerably.
About a quarter of couples with children cannot afford even a week’s holiday. Nearly half – 46 percent – of single parents cannot afford a holiday.
Hotels more expensive, camping equipment cheaper
There would also be high price increases for accommodation and meals. Accommodation in hotels and guesthouses costs 6.6 percent more in Austria. Travelers even have to pay 9.4 percent more for overnight stays abroad or in holiday apartments. However, things are more positive for camping enthusiasts: prices for camping accessories have fallen by eight percent compared to the previous year.
Spending in restaurants and cafés in Austria rose by 7.6 percent year-on-year. When shopping in the supermarket, inflation is no longer as high (plus 2.7 percent).
Outdoor pools are 8.9 percent more expensive
Those who make themselves comfortable at home do not have to worry about rising prices: the prices for new garden furniture and garden maintenance only rose by 1.7 percent. Those who go to the outdoor pool have to pay 8.9 percent more.
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.
