Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Early bird or last-minute – where are the best savings?
Moneymagpie Team
2nd Sep 2024
When you’re planning a holiday, one of the biggest decisions you’ll face will always be whether to book early or hold out for those tempting last-minute deals. Both options have their perks and pitfalls, of course. One rewarding you for locking things in as soon as you can, the other for staying as flexible and spontaneous as one possibly can. What works best for you really comes down to personal preferences and travel style – but what do the numbers say?
The early bird catches the savings
Booking your holiday well in advance comes with a host of benefits. For one, you’re more likely to snag the best deals on flights and hotels since many airlines and accommodations release their lowest prices months ahead of time. Plus, booking early gives you the freedom to pick the dates and destinations that suit you best. Great for people that like to be organised or need to stick to certain times – such as families.
That said, early bird bookings do mean you really have to plan ahead and stick to that schedule. If something comes up and things need to be changed short notice, you might find yourself facing some cancellation fees.
Looking at numbers, 6 out of 10 holidays are cheaper booked in advance, according to a study by Which.co.uk. By how much depends on the destination, but on average and looking at the most popular holiday destinations of us Brits, you can save between a handful and up to almost £200 when locking it in early. Especially Portugal, Italy and Croatia benefit here.
Last come, best serve
On the other hand, scoring a last-minute deal can be a fantastic way to save for a fantastically cheap holiday. Airlines and hotels often drop their price on unsold inventory, especially during the quieter off-peak season – or when cancellations pop up at the last minute.
But, of course, hunting for last-minute deals can be a bit of a gamble. With limited availability, there’s always the chance you won’t land your ideal dates or destinations – making this the more efficient the more flexible you can be.
Looking at the numbers again, you’ll have a good shot at saving going to popular places such as Cyprus, Bulgaria or Greece and its islands. Brit-favourites like the Canary Islands or mainland Spain show almost no difference, regardless of being booked early or late.
What factors affect the prices?
Several factors can really influence how much you end up spending on your holiday. One of the biggest is, to no one’s surprise, seasonality. Prices usually skyrocket during peak travel times like summer or Christmas. If you’re after a bargain, it might be worth considering a trip during the shoulder seasons—spring or autumn—when prices often dip, and the crowds are thinner and the weather a bit gentler.
Another factor to keep in mind is your destination. Popular hotspots are generally pricier compared to off-the-beaten-path locations. If you’re keen to save, why not explore a lesser-known gem? Not only could you cut costs, but you might also discover something truly unique.
Finally, airline policies play a significant role in determining your travel costs. Different airlines have their own way of pricing tickets, and some even offer frequent flyer programmes where you can rack up points for free or discounted flights. Being aware of these factors can help you make smarter decisions when planning your trip.
At the end of the day, whether you opt to book early or hold out for those last-minute deals really comes down to what you prioritise. The key to both methods is simple: do your research and compare prices.
MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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