The summer of 2024 is looking to be an expensive time to visit Europe. Hotel rates in the European Union are seeing a sharp increase. The rise in costs is due to more people wanting to travel after the pandemic and more Americans visiting.
More Americans than ever are going to Europe, beating the numbers before the pandemic. This high demand means hotels are hard to find and cost more. The European Tourism Organization expects even more travelers in 2024.
The US dollar is getting weaker compared to the euro and British pound. By mid-2024, $1 is worth about 91 or 92 euro cents. Because of this and inflation, hotel prices in big European cities could go up by about 10%. Some hotels might charge $500 per night, a jump from $300 the year before.
With these money changes, planning ahead is key. American Express Global Business Travel says hotel prices in big cities will go up a lot. Booking early can help avoid high prices last minute. It’s a way to find some good deals in a tough market.
Why European Hotels are So Expensive in 2024
In the summer of 2024, hotel prices in Europe have soared. This spike is due to a mix of the travel boom following the pandemic and increased interest from American tourists.
The Post-Pandemic Travel Boom
After the pandemic, there’s been a huge jump in people wanting to travel, especially to Europe. They’re drawn by the rich history and culture. This has caused a big rise in hotel prices, as more visitors are coming.
Places like Paris, Venice, and Rome have seen their hotel prices shoot up. The high number of American tourists in 2023 has grown even more in 2024. This is why hotel prices have gone up so much in the summer.
The Strong Demand from American Travelers
American tourists are a big reason for the rise in hotel costs in Europe in 2024. A weaker US dollar against the euro makes stays even pricier. Now, $1 is worth about 91-92 euro cents, down from 95 cents last year.
As a result, Americans are spending more on their European trips. But, plane tickets from the US are 16% cheaper than last summer. This makes flying over the Atlantic oddly appealing.
Last year, some European cities already hiked their hotel prices a lot. Rooms that were $300 a night jumped to $500. And they might go up another 10% in 2024. Still, savvy travelers find ways to save by going in the less busy months or exploring cheaper places like Puglia, Sicily, Slovenia, Croatia, Ireland, and Portugal.
Examples of Skyrocketing Hotel Rates
US travelers have been visiting Europe more than ever before. This has caused hotel prices to shoot up. Cities like Paris, Amsterdam, and Dublin have seen huge price increases. Experts think room rates will go up by about 10% in 2024, and even 11% in some places. The high demand from American tourists is a big reason for these rising costs.
A Closer Look at Hotel Costs in Major Cities
Luxury hotels are really driving up prices. The Ritz in Paris is a key example, with room costs reaching new highs. During the Paris 2024 Olympics opening, room prices have jumped by 226% on average. Prices range from €400 to €700 a night for 3- and 4-star hotels. Some fancy hotels are charging up to €1,500 a night. Even Airbnb is getting pricey, with some stays now over €500 a night during the Olympics. Also, the cost of things like eating out and visiting places in Europe has gone up by 30% since 2019.
One Star and Two Star Hotels Are More Affordable
But there’s still hope for travelers on a budget planning for Europe in summer 2024. Choosing one-star or two-star hotels can save a lot of money. These budget-friendly spots don’t cost as much as the fancy ones. Picking locations outside the big cities or lesser-known towns can also help keep costs down. It’s smart to book flights soon, as prices are climbing, though they might drop for trips in September.
Using these tips, tourists can enjoy Europe’s charms without the high costs of luxury travel. They’ll have a wonderful trip without spending too much. It’s a great way to see Europe’s beauty and culture affordably.
