Over two-thirds (68 percent) of families will be heading abroad this year, according to the Post Office’s Family Holiday Report 2024, created in partnership with TUI.
However, the research found that many Britons overspend on their holidays, splurging an extra £312 on their average budget of £566.
As the cost of living continues to rise, sticking to your travel budget is more important than ever in order to still travel the world.
The study, which compared the cost of 10 essential items including drinks, meals and sunscreen, found that Sunny Beach in Bulgaria’s Black Sea region offered budget-concious families the best resort prices.
Although prices have risen in 12 of the 16 European resorts the company surveyed, families could still save money by choosing their destination carefully.
At just over £110 for all 10 items, Bulgaria’s popular resort beats locations such as the Algarve, Ibiza and Lanzarote to the top spot in the Post Office Travel Money Family Holiday report.
It beat last year’s best-value resort, Marmaris, Turkey, by just £7. UK holidaymakers can now expect to spend 17.6 percent more on holiday essentials in the region than they did last year.
For example, holidaymakers will pay £1.50 less for a bottle of beer in Sunny Beach than in Marmaris, whilst a bottle of suncream is £4.23 cheaper, and a three-course family meal with wine and soft drinks is also £4.23 better value.
But travellers don’t have to compromise on quality, with Bulgaria’s Black Sea coast resort offering a long sandy beach, a yacht marina, ancient ruins and more.
Most destinations saw prices rise overall, but four saw prices fall: Lanzarote saw the biggest drop of 7.2 percent compared to last year, with Majorca, Costa del Sol and Crete following behind.
Laura Plunkett, head of travel money at the Post Office, said: “Even though sterling is stronger now than last July, price inflation across Europe means that families need to allow for increases in meals, drinks and other tourist costs in their spending budget.
“Doing some holiday homework before leaving home could help to reduce the chances of busting the budget while abroad.”