No mention of Mallorca in Value for Money holiday report

Each year, the Post Office Travel Money Holiday Money Report looks at the destinations set to offer holidaymakers best value for money in the year ahead.

In 2023, the Post Office surveyed 40 destinations worldwide to compare prices for meals, drinks and other essentials British tourists are likely to buy while abroad. Mallorca and the Balearics didn´t even get a mention.

Key findings include:

• Cape Town in South Africa currently offers the best value for money, with a drop of 7.5% in costs. Previous leader, Marmaris in Turkey falls to second in the list

• Long-haul holiday spots in Vietnam, Bali, Japan and Sri Lanka have all moved up into the top 15 best-value destinations since being off limits to overseas visitors until very recently

• The Red Sea resort of Sharm el-Sheikh in Egypt takes 10th place on the barometer, with a resurgence of demand after flights to the region were suspended for years

• Portugal’s Algarve is in fifth and again cheapest in the Eurozone, with costs a third higher than last year

• Prices increases across Europe have seen popular destinations in Spain’s Costa del Sol, Paphos in Cyprus and Funchal in Madeira dropping to 11th, 12th and 14th respectively on the barometer

• Reykjavik in Iceland remains the most expensive destination surveyed, with total costs of £198.42 for eight essential barometer items (listed at the end of this article). This is followed by the Seychelles and Barbados

• Sterling’s fall against most foreign currencies has seen a rise in costs in 80% of resorts and cities surveyed for 2023

• In contrast, there are a handful of destinations where sterling’s value will help your holiday money to stretch further. Our top tips are South Africa, Egypt, Japan and New Zealand