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Monthly Holiday Price Index - February 2024

Ian Raine March 20th, 2024 365 views


Holiday Prices Drop in January 2024

Following on from the January Holiday Price Index, where the typical price of a holiday fell by over -7% compared to January 2023, prices have fallen again in February (by -2%). In comparison, February 2023 saw large price increases of around 31% due to the COVID bounce-back. Yet despite the decrease, February 2024 prices have not fallen back to the levels of 2020, 2021, or 2022. These figures come from monthly analysis of over 66 million holiday prices by Cheeky Trip

February Price Index All Destinations Graph
All Destinations February Yearly Price Comparison. Picture Credit: Cheekytrip

Long and medium haul holiday prices typically decreased by -11% compared to February 2023. However, this decrease is less than in January 2024, when prices fell by -19.5%. February saw large price drops to Cape Verde, Egypt, and Mexico, influencing the average price fall. In contrast, the Caribbean Islands saw significant price increases.

Short-haul prices decreased by around -5% in February 2024 year-on-year, compared to a -10% decrease in January. Destinations with the biggest price falls, which present opportunities to find a good deal, are Cyprus (-9%), Turkey (-11%), Mainland Spain (-15%), and Malta (-19%). Holidays to Portugal, Greece, The Canaries, and The Balearics all saw price increases in February.

Last minute holidays were around -6% cheaper than last year. However, advanced bookings for holidays departing in 6-months were up slightly by 3%.

“It is interesting to see the trend of price decreases that we saw in January continue into February,” says Steve Campion, Managing Director at Cheeky Trip. “There is a different balance of supply and demand this year compared to 2023. Suppliers have rooms to sell and seats to fill. And this is reflected in cheaper pricing. For those who are flexible on departure date and destination, shopping around and using price comparison sites is going to be a worthwhile way of finding a good deal this year,” continues Steve. 

February Price Index Short Haul Destinations Graph
Short Haul Febuary Yearly Price Comparison. Picture Credit: Cheekytrip

February Price Index Long Haul Destinations Graph
Long Haul February Yearly Price Comparison. Picture Credit: Cheekytrip

“This month’s holiday price index is really interesting,” says Steve Campion, Managing Director at Cheeky Trip. “The fall in prices compared to last January could be an indicator that suppliers have increased capacity and have seats to fill. If this is the case, there could be some great opportunities for holidaymakers to grab a bargain this year,” continues Steve.
 

Holidays Departing in One Week Graph
Holidays Departing In One Week Comparison. Picture Credit: Cheekytrip


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