The Mallorcan tourist industry has been warned of possible stiff competition from resorts in Eqypt´s Red Sea which offer great value for money for British tourists following a fall in the value of the Eqyptian pound.
Post Office Travel Money says UK holidaymakers will be able to get more for their sterling, after a sharp fall in the value of the Egyptian pound. Travellers could pocket an extra £210 on a £500 currency exchange.
When the exchange rate is favourable, the cost of accommodation and other expenses paid in local currency will be lower in sterling terms, making visits cheaper overall for travellers, the Post Office says.
Popular resorts such as Sharm el-Sheikh have felt the effects of inflation and political instability, the research added.
The tourist industry on the island has already been warned over costs with fears that tourists will have less money to spend this summer.
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Does people only chose the cheapest all the time? Nothing else matters? How sad. In my view Sharm el Sheik can hardly be compared to Mallorca. One is a contrived holiday resort. Mallorca has history and a genuine feel.
We all know that many Brits are attracted to whatever is the cheapest, but not all are. And frankly, there's a significantly larger number of other nationalities who aren't seeking the cheapest, so I'm sceptical whether Egypt or Turkey or any other cheap destination can have any measurable impact on Mallorca or the Balearics. It's not the same animal. Besides, it's a bit early for the gloom & doom narratives. You normally trot these out around the end of September, when early winter bookings compare dismally to July and August. But by this time the following year, the facts always show it was just wishful thinking.