Hotel prices this year are cheaper compared to pre-pandemic levels, in 2019, in the majority of European tourist destinations, taking inflation into account.
Such conclusions have been reached through the recent analysis published by Mabrian, a travel intelligence platform for the tourism industry, SchengenVisaInfo.com reports.
The company analyzed the hotel prices of the main European destinations during this year and took a look at local inflation rates, comparing this year’s data with the statistics of 2019.
The main conclusion of the study is that, considering hotel prices this year, despite having experienced surges, are cheaper compared to pre-pandemic levels in the majority of the European tourist destinations.
The study has revealed that the surge in prices in Spain, France, the United Kingdom, and Portugal in 3- and 4-star hotels, as well as in Italy in and 5-star hotels, are below inflation levels and thus show a decline in real hotel prices.
As for Greece, the situation is different, according to the report, after there has been a much notable increase when it comes to hotel prices, or up to 134 per cent for 5-star hotels in comparison to pre-pandemic levels, while the inflation rate is 6.87 per cent.
The high increase in prices of 5-star hotels may have led to the recent opening of luxury hotels in territories, which also led to an increase in the average value of accommodation in the country. Still, 3- and 4-star hotels in the Hellenic Republic have kept an increase of 31 per cent and 82 per cent compared to pre-pandemic levels.
At the same time, the report shows that there are different increases in prices between categories, of 12 per cent in 3-star hotels and 18 per cent in 4-star hotels as well as 25 per cent in 5-star hotels, while its inflation is still below all of those at a total of 10.55 per cent.
In Italy and the United Kingdom, the most notable increase in prices is noted in the 3-star category, while in other countries such as Spain, Greece, Germany, and France, the category still increases the most in 5-star hotels.
“In Italy, 3-, 4- and 5-star hotels have increased their prices by 27 per cent, 7 per cent, and 4 per cent, with their inflation rate being 9.12 per cent. The most significant increase in prices of Italian hotels is observed in the 3-star category,” the statement published by Mabrian reads.
It notes that in Britain, hotels that have risen in price are those in the 3-star hotels, with a surge of 7 per cent. British 4- and 5-star hotels, on the other hand, have made their prices lower compared to pre-pandemic levels.
In France the prices of 3,4 and 5-star hotels rose by 2 per cent, 5 per cent and 20 per cent respectively, compared to pre-pandemic levels, while the inflation rate is 7.83, while in Spain the prices of 3- star hotels increased by 4 per cent, prices in 4-star hotels increased by 6 per cent, and 5-star hotels rose by 13 per cent compared to 2019 figures, with inflation of 13.55 per cent.