According to a report from the Austrian news agency APA, Austrians will find their money stretching further abroad this summer compared to staying within Austria. This assessment is based on the “holiday euro” index calculated annually by UniCredit Bank Austria, which measures the purchasing power of Austrians’ money in various destinations.
Bulgaria emerges as the most cost-effective summer destination for Austrians, where 100 euros is equivalent to 181 euros, an increase of 1 euro compared to last year. Following closely are Romania and Poland, where 100 euros translates to 180 and 166 euros respectively. In popular Mediterranean destinations such as Greece, Spain, Portugal, Turkey and Croatia, Austrians can expect their money to provide approximately 30% more value compared to spending it at home.
Switzerland, on the other hand, remains the priciest holiday choice despite its lower inflation rate compared to Austria. The Swiss franc’s appreciation against the euro has diminished the holiday euro’s value by 4%, making it worth roughly two-thirds of its Austrian equivalent.
The purchasing power dynamics vary across Europe. Germany, where the European Football Championship is set to take place from June 14 to July 14, shows a marginal difference in purchasing power, with 100 euros in Austria equating to 108 euros in Germany. Meanwhile, inflation has impacted countries like Turkey and Hungary, where the euro’s value has decreased significantly, affecting the purchasing power of Austrian tourists.
Overall, overseas destinations have become 11% more affordable on average for Austrians, with fluctuating exchange rates playing a crucial role in determining the value of their holiday euros abroad. (Novinite)