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The Turkish Riviera, along with Egypt and the Canary Islands, is one of the most popular holiday destinations for Germans during the Easter holidays, according to a current evaluation by the German Travel Association. The most popular holiday regions are Antalya, Dubai, Fuerteventura, Gran Canaria, Hurghada, Lanzarote, Maldives, Mallorca, Phuket and Tenerife.
The majority of travelers secured early bird discounts in good time and benefited from the lower prices. But if you want to spontaneously fly into the sun over Easter, you’ll have to dig deeper into your pockets. And holidaymakers in Turkey in particular have to be prepared for ups and downs in prices on site.
Inflation in Turkey has recently risen again. In February, the increase in consumer prices compared to the same month last year was 67.1 percent, after 64.9 percent in January. The Turkish central bank reacted and surprisingly raised the key interest rate again.
What consequences does high inflation have for holidaymakers in Turkey?
When asked, travel experts emphasize that bookings remain at a high level. “If price increases continue, the country could lose competitiveness,” says Bernd Eisenstein, director of the German Institute for Tourism Research, in an interview with “Wirtschaftswoche”.
Since inflation in Turkey is higher than in Germany, holidaymakers benefit from the favorable exchange rate. The Turkish government is counteracting this by devaluing the Turkish lira. If the lira loses value against the dollar and the euro, this means that holidaymakers get more lira for one euro or dollar. So for the same money in euros you get significantly more goods and services. However, holidaymakers in Turkey should avoid price comparisons with previous years. Because prices have changed due to high inflation. They have even doubled in gastronomy, as well as massages and sightseeing tours. Rental cars have become more expensive and holidaymakers also have to dig deeper into their pockets when it comes to fuel.
Good for vacationers: At the same time, however, traders in the markets and bazaars could be much more open to price negotiations in order to gain access to strong currencies such as dollars or euros. The prerequisite for this is that tourists pay in cash and use foreign currencies.
Bad for vacationers: In general, holidaymakers also have to expect rising local prices due to high inflation. Spa treatments, massages, excursions and other activities can even become more expensive from one day to the next during your stay.
Inflation has an impact on important economic sectors in Turkey
Turkey has long been a popular destination for package holidaymakers. Mainly because of the good price-performance ratio. Many hotels offer all-inclusive packages, which are popular with singles, couples and families alike due to cost savings.
Many of the luxurious hotel complexes offered by the big players TUI, FTI, alltours, DER Touristik and Schauinsland are designed in such a way that holidaymakers hardly have to leave the premises to stock up on the essentials. However, this important sector of the economy is not spared from the effects of inflation. Between January and August 2023, tourism generated over $33 billion.