Temperatures are rising. Hotel prices are skyrocketing. And travelers are already crowding both touristy and less touristy spots. Welcome to another summer in Europe.
To top it off, the dollar has fallen against the pound and the euro.
Is a summer in Europe worth it? According to experts, it all depends on the type of sacrifice you are prepared to make.
Weaker Dollar
Travelers from the U.S. are already at a disadvantage due to the weak dollar. Against the euro, 1 dollar was worth about 91 or 92 euro cents on June 5. A value far below the five-year high reached last September, when it peaked at 1.04 euros, according to currency conversion experts at Wise.
For those traveling to the United Kingdom, the situation is similar. At this same time last year, $1 yielded travelers 80 pence. On Wednesday, it was 78 pence per pound.
Inflation
Inflation is also on the rise there, and ticket prices for tourist attractions are increasing. The Eiffel Tower will raise prices by 20% starting June 17, the Hagia Sophia in Istanbul will charge 25 euros for entry; Venice is charging tourists 5 euros during peak dates.
Hotel prices are no exception. In major cities, nightly rates have risen significantly, with some going from $300 last year to $500 this year.
However, this is not necessarily happening because hotels have randomly increased their prices. It’s the law of supply and demand. As hotels fill up, the remaining rooms become more expensive.
Data from Hotel Monitor, an annual analysis by American Express Global Business Travel on hotel rates worldwide, supports this theory. Industry forecasts for 2024 suggest that many of the major European cities will see room rates increase by about 10%. Paris, Amsterdam, and Dublin are expected to be 10-11% higher, with Berlin, Stockholm, Barcelona, and London rising by more than 9%.
But there’s good news…
U.S.-Europe airfare is trending downward.
Data from Hopper shows that the average airfare from the U.S. to Europe this summer has dropped 16% compared to 2023, to $892 round trip.
For major destinations, it’s even better. Hopper’s June data shows that the average return flight from the U.S. to London has dropped by 21%. On the continent, major destinations Rome, Barcelona, Athens, and Paris recorded double-digit declines: 34%, 37%, 28%, and 38%, respectively, in fares for June, July, and August.
None of these fares are exactly a gift. Prices are still higher than in 2019, but they are in line with 2017 and 2018, suggesting that the significant price increases post-pandemic may be over.
And how to avoid the crowds?
The experts’ suggestion is to avoid the months of July and August and prefer to travel in June and September. But even in these less busy months, crowds are a concern this year.
Source: CNN