Traveling on a budget? Then these European countries are not for you, as they are destinations where tourists are more likely to overspend.
Recent research also revealed that holiday overspending has reached its highest levels in a decade.
- Only a third of Brits who set a travel budget stick to it, according to new research.
- Recent research also revealed that holiday overspending has reached its highest levels in a decade.
- This is despite families continuing to feel the pressure of the cost of living crisis and requests for debt advice increasing.
Travelers also seem more prone to overspending in some destinations than others.
Corporate travel company Good Travel Management has ranked the countries around the world where travelers are most likely to go over their budget.
A European country took first place, where tourists pay an average of about 55 euros more than their budget every day.
Travelers are more likely to spend their holiday budget Finland.
Good Travel Management found that Finland is the country where travelers are most likely to overspend.
Tourists typically budget €124 per day to visit Finland, but in reality they are more likely to spend an average of €178 per day. This could mean that travelers spend €379 more than expected in a week in Finland.
With the Northern Lights, skiing and visiting Santa in Lapland on offer, it’s no surprise that Finland is often one of the most popular winter getaways for tourists.
The country was even recently crowned the happiest place on earth for the sixth consecutive year.
However, the high costs of food, transport and accommodation also make it one of the most under-budget destinations.
Alcohol prices in particular stand out as an expensive expense. The country has the third most expensive beer in the world, with 500ml expected to set you back around €7.
According to the European Commission, alcohol prices in Finland are 102% above the EU average.
Where else are travelers most likely to overspend?
It is in second place Mexicowith passengers paying €47 per day on an average daily budget of €80.
Travelers pay an average of €127 per day to visit Mexico’s stunning beaches and rich culture, a 45% increase from the average daily budget.
Mexico is often lauded as an affordable destination to enjoy the winter sun. However, precisely because of Mexico’s low-cost reputation, travelers are more likely to be on a budget.
In fact, traveling to Mexico has become more expensive, thanks in part to the strengthening of the Mexican peso, which has jumped 16 percent against the U.S. dollar in recent years. This, combined with increased investment in Mexican luxury tourism, has contributed to higher spending for tourists.
It is in third place Egypt with passengers overspending their travel budget by around €43 per day. Although Egypt has one of the cheapest average daily budgets, valued at just €25, travelers will pay more than double that.
Mastercard predicts that inbound tourism to Egypt will continue to grow, having seen a 27 percent annual increase in visitors last year. This, combined with Egypt’s high inflation rates, can cause travelers to spend more than expected.
Norway (€41 over budget) and Japan (€40 over budget) round out the top five countries where travelers are likely to overspend.
Where are travelers least likely to overspend?
At the other end of the scale, Barbados comes out on top as the country where travelers are least likely to go over budget. British tourists, for example, budget an average of €233 per day, the highest of any country surveyed, but actually spend just €142 per day.
One of the reasons for this is that despite its reputation for luxury, Barbados offers a range of budget options, from local restaurants serving delicious Bajan cuisine to mid-range accommodation options.
Many of the island’s most popular experiences, like the stunning beaches, exploring Harrison’s Cave or visiting the historic capital Bridgetown, don’t come with high prices.
In second place is Hong Kong, with travelers spending €79 per day less than the expected daily budget of €130.
Although Hong Kong is known for its luxury shops and fine restaurants, it also has many free attractions such as scenic walks, lively street markets and cultural attractions such as the iconic Tsim Sha Tsui Avenue.
Luxembourg completes the top three countries, with tourists spending €72 less per day than the expected €165.
As a country with the highest minimum wage in the world, it would be easy to assume that prices are more expensive.
However, from 2020 passengers can enjoy completely free public transport for all modes of transport, making Luxembourg the first country in the world to waive public transport charges.
