The prices of organized holiday packages continued to increase in 2024, both in Cyprus and at EU level, with Cyprus marking the third highest annual increase among member states in July, according to data released by Eurostat, the statistical office of the European Union.
In July 2024, the purchase price of package holidays in the EU was 6.6% higher than in July 2023. The price of domestic package holidays increased by 11.1%, while international package holidays increased 5.7%.
In Cyprus, in July 2024 the price was 16.7% higher than in July of the previous year. By category, the price of domestic holiday packages increased by 11.8% and international holiday packages increased by 17.2%.
The price of package holidays has been increasing across the EU since August 2021, with similar trends recorded in Cyprus since 2018.
The EU-wide annual rate of increase exceeded 10% in most months of 2022 and 2023. In particular, domestic package holiday prices rose rapidly in 2023, with the annual growth rate exceeding 20% for 7 months that year.
In July 2024, most EU countries reported a positive annual rate of inflation for package holidays sold domestically. The highest increases were recorded for packages purchased in France (+22.2% compared to July 2023), Italy (+19.5%) and Cyprus (+16.7%).
In contrast, three EU countries reported a negative inflation rate for package holidays: Malta (-2.9%), Finland (-2.7%) and Denmark (-0, 2%).
Source: KYPE
