Tesco does the math

2010-06-30

Cash-strapped families should head for Bulgaria this summer if they want to get the most out of their budget, according to Tesco Travel Money. Research by the company shows the Eastern Med destination is the cheapest this summer, although it also reveals a week in Turkey or Cyprus will still cost less than a ‘staycation’.Tesco Travel Money took average prices for each destination, including accommodation, car hire, food and drink, but not flights, to work out how much it would cost a family of four to go on holiday for a week this summer.The average spend is ?2,076, while a week in Bulgaria would cost ?1,221. Limassol in Cyprus would cost ?1,739, cheaper than a week in the UK (?1,763).Reykjavik, Iceland, is the most expensive destination, costing ?3,383 for a week, followed by Rome (?2,836).John Howells, head of travel money at Tesco Bank, said: ‘With the average cost for all items on a holiday for one week coming in at ?2,076, a 2% increase on last year, it is essential holidaymakers are not just looking into the cost of travel but also the expenses they are likely to incur once they are there. ‘For instance, car hire and accommodation, the two most expensive holiday costs that make up 71% of weekly spend, have risen by 6% since last year. ‘Holiday costs have clearly been impacted by the euro exchange rate and rising costs in the recession, therefore families wanting a holiday on a shoe string really need to do their research to make their money go further.’Tesco Travel Money claims overall expenses in Spain and Greece have risen by 6% since last year and will cost a family of four ?2,375 and ?2,054 a week respectively in 2010.However, the research was carried out before the pound hit a 20-month high against the euro, with today’s exchange rate at ?1 to €1.24, meaning in-resort costs in eurozone countries will be lower if the favourable rate remains throughout the summer.The front page of today’s Daily Express quoted Thomas Cook UK & Ireland chief executive, Ian Derbyshire, as saying average spend for a family of four during a fortnight in the eurozone could go down by ?700