Record Travel Costs Increase Popularity of Budget-Friendly Destinations

• Travelers are seeking more affordable destinations in 2023, with personal finance experts advising budgeting and planning according to a recent report by Squaremouth Travel Insurance Company.
• The Dominican Republic ranks fifth among these destinations with an average travel cost of $4,497. While the cost is rising, the country has seen a 14% increase in tourist arrivals from January to July compared to the same period last year.
• Being the most affordable was Colombia (US$3,344) and Mexico (US$3,878). 
• According to the Global Travel Agency, Puerto Rico is currently the cheapest Caribbean island to visit (followed by Bermuda at number 4) costing $3,907 on average. The Bahamas is only 3.5% pricier than the Dominican Republic at $4,658. Jamaica and Aruba followed with costs of $4,698 and $4,917, respectively.
• While Asia is a favoured destination for backpackers, visiting Vietnam and the Philippines averages $5,181 and $5,330, respectively. Expensive destinations have also seen attention, with 21,000 people spending over $133 million on these trips, averaging $11,000.
• Africa emerges as the most expensive continent for tourism. Visiting Congo costs $32,400 per person, compared to Botswana’s $17,753. Other destinations like Antarctica, Zimbabwe, Tanzania, and Kenya also surpass the average $4,000 cost of visiting the Dominican Republic. Additionally, travellers are purchasing travel insurance for an average of $717 to ensure safe journeys.
• The rise in tourism to budget-friendly destinations like the Dominican Republic and Colombia offers significant benefits. Increased tourist arrivals boost local economies, create jobs, and spur infrastructure development. Moreover, this growth elevates their global tourism profile, fostering cultural exchange and attracting potential foreign investments.

(Source: Squaremouth Travel Insurance & CariCris)