The Cash Advantage: How Travelers Benefit from Turkey and Egypt’s Currency Devaluation

MEA_Ramadan-image.

The Cash Advantage: How Travelers Benefit from Turkey and Egypt's Currency Devaluation

In recent years, the devaluation of currency in Turkey and Egypt has had a profound impact on their tourism industries, leading to a notable surge in leisure travel to these countries. As their currencies have weakened against major international currencies, such as the US dollar and euro, Turkey and Egypt became increasingly attractive destinations for travelers seeking affordable yet enriching experiences.

The devaluation of currency has significantly lowered the cost of travel to Turkey and Egypt for visitors from various countries, particularly those with stronger currencies. Travelers from countries like the United States, Eurozone nations and the United Kingdom have benefited most from this phenomenon. With their stronger currencies, travelers from these countries find that their money stretches further, allowing them to enjoy luxury accommodations, exquisite dining experiences, and immersive cultural activities at a fraction of the cost compared to previous years.

In Turkey, the share of hotel bookings during the Ramadan period illustrates this trend. Most bookings are for rooms with a lower average daily rate (ADR), not because travelers opt for cheaper accommodations, but because high-quality rooms are available at a lower cost.

Turkey: Share of Bookings by ADR During Ramadan

In Turkey, the devaluation of the Turkish lira has made popular tourist destinations such as Istanbul, Cappadocia and the Turkish Riviera even more appealing to international travelers. Visitors can now explore historic sites, indulge in high-end cuisine and unwind at luxury resorts without breaking the bank.

Similarly, Egypt’s devalued Egyptian pound has revitalized the country’s tourism sector, attracting visitors to iconic attractions such as the Pyramids of Giza, Luxor’s ancient temples and the stunning beaches of the Red Sea at significantly reduced costs.

An analysis of the share of hotel bookings in Egypt shows how favorable currency exchange rates mean that travelers from the Eurozone can book hotels at low prices.

Egypt: Share of Bookings by ADR During Ramadan

Beyond the financial savings, the favorable currency exchange rates in Turkey and Egypt are also enabling travelers to extend their vacations. Most bookings are for 7 days or more, as evidenced below for the top origins.

Share of Bookings by Length of Stay

The devaluation of currencies in Turkey and Egypt has significantly lowered the cost barrier for travelers worldwide, offering them the opportunity to explore these captivating destinations for longer periods without breaking the bank. Learn more about how demand is shaping travel in the Middle East and Africa with World on Holiday.

About World on Holiday

World on Holiday  is a real-time travel insights hub, powered by Adara, sharing booking and search data, and important travel trends worldwide.  Hundreds of first-party data sources are the basis for this powerful hub, and are based on observed consumer activity. 

For regular updates on how, who and why the world is traveling, subscribe to the ‘World on Holiday’ Insights Center.

About RateGain

RateGain is a global provider of SaaS solutions for travel and hospitality that works with 2800+ customers—including the Top 23 of 30 Hotel Chains, the Top 25 of 30 Online Travel Agents, and all the top car rentals including 8 Global Fortune500 companies—and 700+ partners in 100+ countries helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.

© 2024 · Powered by RateGain · All Rights Reserved.

Share via
Copy link