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24 October 2008
Europe offers best value breaks for Winter 2008/09 skiers
First Rate Exchange Services is expecting strong demand from FX retailers for European currencies this winter as cash-strapped Brits seek out the best value destinations for skiing holidays.
First Rate expects that the demand seen for eurozone holidays throughout the summer will continue into the winter of 2008/09 as European destinations continue to offer some of the lowest prices for UK travellers.
Gordon Gourlay, Managing Director, First Rate Exchange Services, said: “Despite the continuing strength of the euro and other European currencies against sterling, we’re expecting these currencies will be in strong demand this winter as savvy skiers seek out the best value destinations. Eastern European destinations such as Romania and Slovakia lead the way in terms of best value, although more traditional euro resorts such as Italy and Switzerland also compare favourably to resorts in the USA and Canada.”
Gordon Gourlay’s comments follow the publication of the Post Office®’s Ski Resort Report for 2008 which found that Eastern Europe remains the best value for bargain hunters1 while the eurozone’s big three – France, Switzerland and Austria – also look set to benefit after price rises hit US resorts. As a result of these and the dip in value for sterling, the USA has now overtaken Canada to become the most expensive destination of 14 surveyed by the Post Office®.
Romania, Bulgaria and Slovakia are by far the cheapest ski destinations surveyed by the Post Office® for its annual report. However, Poiana Brasov (Romania) is now the lowest-priced resort for ski equipment, drinks and meals, taking over the top spot from Borovets because of the impact of sharp resort price rises in the Bulgarian resort and sterling’s drop against the Bulgarian lev (a total of +47 per cent year on year).
Second-placed Slovakia, is one of two emerging countries (Finland is the other) to rate as significantly cheaper than more established ski resorts – even though the Slovakian korun has shown the largest surge in value against sterling year-on-year of any featured destination (18.82 per cent).2
Whether or not prices will rise from January, when Slovakia joins the eurozone, remains to be seen. Meanwhile, First Rate advises skiers planning trips to Slovakia before the end of the year to purchase korun by 31st October or to take euros.
However, UK skiers considering transatlantic trips will find that US prices have soared by 55 per cent in the past year. Hit by the double blow of higher resort costs and sterling’s slump against the dollar, skiers in Vail, Colorado face paying two and a half times as much as they would in Romania. Its prices are also 19 per cent higher than in Banff, Canada.
The report showed that for the second successive year Italy is the cheapest of the longer established European ski resorts3 – 31 per cent lower-priced than Verbier, Switzerland, which remains the most expensive in Europe.
But, while prices have risen by 41 per cent in Courchevel, France to make it one of the most expensive places to ski, the UK’s market-leading ski specialist, Crystal, reported a spate of early bookings for France generally and said that it is the currently the main beneficiary of a move away from the USA by regular skiers.
First Rate is the UK’s leading provider of foreign exchange services, and the wholesaler provider behind the Post Office®’s market leading foreign exchange service. In addition to providing the Post Office® with its in branch and online foreign exchange services First Rate delivers a wide range of innovative white labelled foreign exchange services to businesses large and small across the UK.
First Rate’s Travel Money Online solution provides high street and online retailers with a fully integrated online platform, allowing them to offer their customers access to over 70 currencies, notes and traveller’s cheques, currency advice and secure online payment. First Rate’s Travel Money Online service also allows customers to select their required delivery date, with orders received before 3pm available for delivery the next business day to addresses across the UK.
Note to Editors:
1Post Office® Ski Resort Report 2008: total costs of ski prices and basic commodities with 2007 positions in brackets. Percentage cost movements given in brackets after prices:
| 1 (2) | Romania (Poiana Brasov) | £200.04 (+18%) |
| 2 (new) | Slovakia (High Tatras) | £236.28 (n/a) |
| 3 (1) | Bulgaria (Borovets) | £241.10 (+47%) |
| 4 (5) | Italy (La Thuile) | £272.29 (+10%) |
| 5 (new) | Finland (Ylläs) | £280.75 (n/a) |
| 6 (3) | Slovenia (Kranjska Gora) | £281.06 (+26%) |
| 7 (4) | Germany (Garmisch-Partenkirchen) | £289.97 (+19%) |
| 8 (8) | Norway (Geilo) | £307.51 (-2%) |
| 9 (7) | Andorra (Soldeu) | £318.80 (+16%) |
| 10 (9) | Austria (Obergurgl) | £354.93 (+11%) |
| 11 (6) | France (Courchevel) | £380.58 (+41%) |
| 12 (10) | Switzerland (Verbier) | £395.81 (+21%) |
| 13 (12) | Canada (Banff) | £431.83 (-6%) |
| 14 (11) | USA (Vail) | £514.86 (+55%) |
Supporting information for the Ski Resort Report 2008:
Prices of ski passes, equipment hire and private ski lessons 2008/9:
| Ski resort | Lift pass (6 days) |
Ski/boot hire (6 days) |
Ski lesson (1hr equivalent) |
Total |
| 1. Romania, Poiana Brasov | £90.30 | £57.69 | £12.54 | £160.53 |
| 2. Finland, Ylläs | £99.93 | £74.95 | £32.75 | £207.64 |
| 3. Slovakia, High Tatras | £114.06 | £83.65 | £14.79 | £212.50 |
| 4. Norway, Geilo | £98.93 | £70.93 | £45.73 | £215.58 |
| 5. Bulgaria, Borovets | £126.26 | £72.84 | £21.63 | £220.74 |
| 6. Slovenia, Kranjska Gora | £122.42 | £87.44 | £21.65 | £231.51 |
| 7. Germany, Garmisch | £145.32 | £62.46 | £29.15 | £236.93 |
| 8. Italy, La Thuile | £142.41 | £70.79 | £24.98 | £238.18 |
| 9. Andorra, Soldeu | £177.80 | £62.38 | £31.23 | £271.41 |
| 10. France, Courchevel | £134.91 | £119.92 | £45.80 | £300.63 |
| 11. Austria, Obergurgl | £158.64 | £97.44 | £49.97 | £306.05 |
| 12. Switzerland, Verbier | £161.41 | £117.98 | £42.90 | £322.29 |
| 14. Canada, Banff | £251.34 | £70.73 | £64.45 | £386.51 |
| 13. USA, Vail | £252.10 | £112.88 | £94.07 | £459.05 |
Ski resort cost of living 2008/9:
| Ski resort | Cup of coffee | Beer (~250ml) | Glass of house wine | Dinner for 2 (3 courses, no wine) |
Total |
| 1. Bulgaria, Borovets | £0.56 | £1.39 | £1.66 | £16.75 | £20.36 |
| 2. Slovakia, High Tatras | £1.47 | £1.26 | £1.40 | £19.63 | £23.77 |
| 3. Italy, La Thuile | £1.00 | £2.29 | £1.67 | £29.15 | £34.11 |
| 4. Romania, Poiana Brasov | £1.44 | £2.45 | £1.76 | £33.86 | £39.51 |
| 5. Canada, Banff | £1.31 | £1.31 | £3.41 | £39.30 | £45.32 |
| 6. Andorra, Soldeu | £1.33 | £2.17 | £2.25 | £41.64 | £47.39 |
| 7. Austria, Obergurgl | £1.83 | £2.08 | £3.33 | £41.64 | £48.88 |
| 8. Slovenia, Kranjska Gora | £1.25 | £2.50 | £0.83 | £44.97 | £49.55 |
| 9. Germany, Garmisch | £2.08 | £1.42 | £2.91 | £46.64 | £53.05 |
| 10. USA, Vail | £1.88 | £3.14 | £4.39 | £46.41 | £55.81 |
| 11. Finland, Ylläs | £1.67 | £4.00 | £5.00 | £62.46 | £73.12 |
| 12. Switzerland, Verbier | £2.04 | £1.88 | £2.04 | £67.57 | £73.52 |
| 13. France, Courchevel | £2.50 | £4.16 | £6.66 | £66.62 | £79.95 |
| 14. Norway, Geilo | £2.33 | £4.20 | £6.07 | £79.33 | £91.93 |
Source: Post Office®. Data relates to exchange rates on 21 October 2008. Prices supplied by ski resorts and tourist offices.
2Year on year currency exchange rates table: what the £ buys in ski resorts:
| Destination | % +/- 2008–7 | October 2008 | October 2007 |
| 1. Canada, dollar | 2.57 | 1.9086 | 1.8607 |
| 2. Norway, kroner | 2.21 | 10.7151 | 10.4837 |
| 3. Romania, leu | -6.43 | 3.9868 | 4.2608 |
| 4. Bulgaria, lev | -10.03 | 2.2651 | 2.5175 |
| 5. Euro zone, euro | -11.74 | 1.2008 | 1.3605 |
| 6. Switzerland, franc | -17.36 | 1.8648 | 2.2566 |
| 7. USA, dollar | -17.83 | 1.5946 | 1.9405 |
| 8. Slovakia, korun | -18.82 | 35.6531 | 43.9165 |
3he longer established ski resorts referred to are Andorra, Austria, France, Germany, Italy, Norway and Switzerland.
4 Long haul comparison: prices of ski passes, equipment hire and private ski lessons 2008/9:
| Ski resort | Lift pass (6 days) |
Ski & boot hire (6 days) |
Private ski
lesson (1hr equivalent) |
Total |
| 1. Argentina, Las Leñas | £122.26 | £81.92 | £22.44 | £226.62 |
| 2. Japan, Shiga Kogen | £158.98 | £110.06 | £45.86 | £314.90 |
| 3. Canada, Banff | £251.34 | £70.73 | £64.45 | £386.51 |
| 4. USA, Vail | £252.10 | £112.88 | £94.07 | £459.05 |
About First Rate Foreign Exchange Services:
First Rate is the UK’s leading provider of foreign currency services supplying over 12,000 retail outlets with a foreign currency service. It is the UK’s biggest foreign currency notes supplier and Europe’s major provider of traveller’s cheques and in the top five globally. First Rate sources currency through its associate business unit Bank of Ireland First Currency Services, one of the world’s leading wholesale currency operations.
First Rate can provide UK retailers and businesses with the following foreign currency services:
- Travel Money Online – a service enabling the ordering of foreign currency notes and traveller’s cheques securely via First Rate’s white label internet application
- Bulk provision of currency for currency retailers
- End-to-end consumer order processing – totally outsourced, white label currency solutions for phone, internet or retail outlet order placement
To find out more visit www.firstrate.co.uk.
For further information, please contact:
Four Countries Communications
Ruth Barker
Tel: 0207 749 9219
Mobile: 07814 571128
Email: ruth@fourcountries.co.uk
Bank of Ireland UK Financial Services
Sandra Grandison
Tel: 0207 634 3477
Mobile: 07912 298013
Email: sandra.grandison@boiuk.com
First Rate Exchange Services Ltd is registered in the UK and Supervised by HM Revenue & Customs for Money Service Business (MSB): License number 12133160. First Rate is a joint venture between The Governor and Company of the Bank of Ireland (Registered in Ireland and passported into the UK for regulatory purposes) and the Post Office® Ltd. The Bank of Ireland is authorised by the Irish Financial Regulator and the Financial Services Authority for the conduct of business in the UK. Bank of Ireland First Currency Services is a division of The Governor and Company of the Bank of Ireland.