Eurostat: Hungary is in the middle ground in terms of organized travel inflation

By: Trademagazin Date: 2024. 09. 06. 11:34

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Based on the latest Eurostat data, Hungary was in the middle of the European Union in the inflation of organized travel in July 2023. This type of, typically all-inclusive trips – which include the purchase of travel, accommodation, meals and various programs in one package – started from Hungary and became more expensive by 6.2 percent compared to the previous year. Although the price increase is significant, it is not considered an outlier within the EU, since travel costs have increased to a much greater extent in several countries.

According to the analysis, the largest price increase in organized travel was experienced in France, where prices rose by 22.2 percent in one year. This price increase is outstanding compared to the EU average and can be explained by the boom in tourism and inflation. Factors affecting the French tourism market, such as high energy prices and increased demand, have contributed to such an increase in prices.

Inflation trends were not uniform everywhere: in three countries, Denmark (-0.2%), Finland (-2.7%) and Malta (-2.9%), the prices of organized travel even decreased. In these countries, the tourism market proved to be more stable, and falling demand and lower prices may have contributed to lower inflation. In Malta, for example, the decline in tourism is one of the factors that led to a drop in prices.

The general price increase in the EU was caused by the combined effect of several factors. Inflation, rising energy prices, rising labor costs, and the renewed demand for tourism all contributed to the increase in the price of organized travel. The post-COVID recovery in the travel industry also pushed prices up as operators tried to recoup the losses of the past years.