Media Blog
Spain and Sri Lanka Touted amongst Countries Giving Great Value for Holidays
More vacationists are taking advantage of the value of their local currencies in the foreign currency exchange market. Some individuals – who either have or buy euros – take their cash and use it for a much needed holiday at a tourist destination that gives them great value in return.
According to the Post Office Worldwide Holiday Costs Barometer, Spain and Sri Lanka are currently ranking in the top spots as the cheapest of 42 destinations.
To put things in perspective, average holiday expenditures in Spain and Sri Lanka were calculated to be half that of the other 21 entries that were included in the list of the most affordable destinations. Moreover, the average total for spending a vacation in these two countries would only amount to one-fourth of a holiday spent in Australia and South Korea.
“The destinations which benefited last year were those where the power of the pound put more money in the pocket or where the price of meals and drinks meant holiday cash stretched further – and often a combination of the two,” says Andrew Brown, Post Office head of travel money.
“We expect to see the same pattern emerging in 2013.”
Regardless of statistics indicating an increase in resort rates in Sri Lanka, the island paradise was still voted as one of the top 10 holiday destinations for 2013. The country is expected to profit from a sterling exchange rate that’s 16 percent higher than a year ago.
“There are growing signs that UK holidaymakers now check the value of sterling and the costs they face in overseas resorts before booking,” says Andrew Brown, Post Office head of travel money.
On the other hand, the Spanish Costas may soon face intense competition in the Eurozone from Greece, as the room rates have dropped by a whopping 40 percent, while rates for resorts have decreased by 18 percent. The decline in expenditures is expected to create larger demand, and more competition for Spain.
The Post Office states that Turkey is starting become more popular amongst travelers as well. Brown explains that the country has rightfully earned its reputation as a destination that offers excellent value in return for money spent.
Regardless of the fact that the U.S. dollar bears no significant dominance over the Turkish Lira in the foreign currency exchange market, the country’s drop in visitors – due to reduced flight capacity from the UK – has prompted resorts, restaurants and bars to lower prices to attract more paying customers.