Monthly Holiday Price Index - May 2024

Holiday prices continue to fall in May, according to analysis of over 66 million holiday prices by Cheeky Trip. After the -1.6% fall reported in the April Holiday Price Index, prices dropped even further this May (-3%) compared to May 2023. That makes 4 months of price falls so far in 2024 with only March experiencing a slight rise.  

Despite the -3% fall year-on-year, typical holiday prices in May 2024 were still higher than in May 2020, 2021, and 2022.    

All Destinations MayYearly Price Comparison. Picture Credit: Cheekytrip

Short-haul holiday prices decreased by -7% again for the second month running. In April, we reported that prices to Mainland Spain fell by -26% and this trend continued through May too (a fall of -25% compared to May 2023). Prices to the Canary Islands also fell significantly in May year-on-year (-16%). 

Short Haul May Yearly Price Comparison. Picture Credit: Cheekytrip

Long and medium-haul prices increased slightly overall by +1% in May, slightly less than they did in April. Once again, holiday prices to the Caribbean saw a significant increase (+20%), while prices to Mexico and Cape Verde fell (-2% and -13%) compared to May 2023. Holidays to Egypt were again quite flat (-1%), after a -2% fall in April which followed months of heavy price falls (-26% in March, -26% in February, and -35% in January).

Long Haul May Yearly Price Comparison. Picture Credit: Cheekytrip

In May, holiday prices fell across a full range of departure dates. Last-minute holidays departing in 1 week dropped -5%, holidays leaving in a month fell -3% and holidays departing in 6 months dropped -2%. 

“Once again, we see more stability in holiday prices this month with many similarities between the May and April Price Indices. It is worth noting after months of heavy price falls, Egypt prices are pretty level, just as they were in April. This may indicate that holiday prices to Egypt have bottomed out,” says Steve Campion, Managing Director at Cheeky Trip. “It is promising for consumers to see prices falling in four out of the last five months, and it will be interesting to see if this continues. Generally, price falls are influenced by excess supply or insufficient demand. I have seen reports that air traffic is returning to pre-pandemic levels this year, facilitated by increased capacity, so this is likely one influencing factor on any price falls.” continues Steve.