UK travellers would be better off opting for a holiday abroad rather than taking a ‘staycation’ in London during first week of the Olympics, according to research by M&S Money.
The research found that staying in the capital from July 28 to August 4 would set holidaymakers back an extra £700 compared to a holiday in Alicante.
Nine other foreign holidays also proved more cost-effective than London during the same period, coming out at an average price of £1,298 compared to £1,631 in the capital.
The locations that came in under London’s £1,631 price tag include Marseille, France (£1,059) Gouves, Crete (£1,061) and Bodrum, Turkey (£1,102). This was followed by Faro, Portugal (£1,104) Split, Croatia (£1,133) and Hua Hin, Thailand (£1,422).
“Staycations are clearly popular this year, particularly as people look forward to celebrating the Jubilee and Olympics, in what will be a British summer to remember,” said Jane Lawson, M&S Money’s head of travel money.
“However, with the cost of activities and eating out in the UK relatively high and favourable foreign exchange rates helping to make your money go further abroad, a holiday at home is not always the most affordable option.”
Holidays to Bridgetown, Barbados, and Daytona Beach, Florida, outstripped London in terms of cost. However, Post Office Travel Money has argued that holidays to the US still provide value for money.
“Obviously, this is disappointing for families planning trips to the United States,” said Post Office Travel Money head Andrew Brown.
“However, our holiday costs barometer reveals that people travelling to the U.S. will still pay slightly less than in the UK for drinks like coffee and Coca-Cola and significantly less when shopping for designer clothes, toys and other retail items.”
Other findings from the M&S research also looked at travellers’ motivations for heading overseas this summer. Almost 20 per cent argued that going abroad on holiday was the most affordable option, with 15% pointing to the reasonable price of accommodation overseas.
Affordability of local costs proved a draw for one in ten travellers, while 7 per cent are heading for a break in the sun because of good foreign exchange rates.
(Image: DAVID LIFF)
