Price of Partying: New Year’s Eve in London Proves Most Expensive
15 Dec 2014
• London most costly for New Year’s Eve fireworks, alcohol and food
• Almost a quarter (24%) of Brits prefer partying abroad on New Year’s Eve
With New Year traditionally one of the most lavish nights of the year in the UK capital, a poll has revealed that almost a quarter of Brits prefer to celebrate the night abroad in order to party harder for their budget.
To help Brits choose where to spend their New Year, the specialist FX provider Travelex has calculated the average price of a night out, taking into consideration the price of a pint of beer, a bottle of champagne, fireworks and an evening meal in order to reveal some of the best places overseas to welcome in the New Year, without breaking the bank.
Findings revealed that topping the list for the most expensive New Year’s Eve celebration is the UK capital, London. According to the specialist FX provider, welcoming in the New Year in the capital could see Brits spend around £3,340 per person for just one night out. With a bottle of Champagne in a smart bar costing around £285 and a pint costing £3.79, a night out in the party capital costs almost 190% more than in other European city destinations.
Brits prepared to travel just over six hours1 should consider making a short hop across the pond to the Canadian city, Toronto, which according to research from Travelex provides great value for Brits. With a spectacular fireworks display in the centre of the city (Nathan Phillips Square)2 and the cost of a meal 37% cheaper than one in London, it should be considered as a great New Year alternative for people looking for an alternative way to see in 2015.
In third place is Paris. Brits would need to budget for around £245 to ring in the New Year in the Parisian capital. Although it’s not cheap, spending New Year’s Eve in Paris is still almost £100 cheaper than in the UK capital. With champagne costing 38% less than in London and with regular trains from London to Paris, Brits could easily head over for less than 24 hours to sample the delights of the Parisian capital.
Over 30% of people asked wanted to spend their New Year in New York according to research carried out by the FX specialist. With a great party atmosphere in Times Square and a meal for two in the big apple available for £60, a hop over the pond is a great option for party-loving Brits in search of that big New Year’s atmosphere.
Popular eastern European cities such as Budapest and Prague are also great for making your Pound stretch further. With the Pound up by 7% in Hungary and 6% in the Czech Republic compared to this time last year, Brits can expect to receive 982CZK (£30) and 12,774HUF (£36) for every £500 exchanged - that’s enough to buy an extra 20 pints to guzzle down in Prague and 18 in Budapest.
With the cost of a meal for two costing as little as £22, and fantastic free fireworks displays in both cities, Travelex’s research has revealed these cities are a real contender for Brits this New Year. Brits could purchase a £155 return flight to the Czech capital and still be quids-in compared to celebrating in the UK.3
David Swann from Travelex comments; “The Pound is providing good value for Brits who want to enjoy a New Year overseas. Despite Brits being put-out by the price of celebrating in the UK, it’s great to see from our research that the price of key items such as beer and champagne are cheaper overseas”.
The results revealed by Travelex come as London Mayor Boris Johnson recently confirmed the famous Thames fireworks will have an entry cost of £10 for the first time ever. Only half the number of attendees from previous years will be let in – meaning many families won’t be able to enjoy the traditional celebration, which was previously free.
The survey also reveals that men are much more likely to splash the cash on New Year’s Eve than women, with the average UK man spending £200 on the event – 18% higher than the women’s average of £169. Brits who want to lock in current exchange rates should consider a prepaid card such as the Travelex Cash Passport. The card is chip and PIN protected, meaning Brits can keep their currency secure in the lead up to and during their holiday.
|New Year's Around the World|
|Prague (Czech Koruna)||£2.90||£29.00||£0.00||£11.00||£42.90|
|New York (US Dollar)||£3.60||£85.00||£0.00||£30.00||£118.60|
|Toronto (Candadian Dollar)||£2.78||£237.78||£0.00||£35.56||£276.12|
|Budapest (Hungarian Forint)||£1.11||£53.00||£0.00||£12.70||£66.81|
Brits who want to order their currency in advance for their New Year’s break should visit Travelex.co.uk. Travelex provides a free service that allows you to order your travel money online and pick it up at any Travelex store from as little as four hours.
3Flight prices correct as of 17.11.14 source
Travelex is the world's largest foreign exchange specialist with almost 1,450 stores and 1,250 ATMs across 28 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Sydney & Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.
Total sample size of 2,000 adults who are employed and have been on holiday. Survey took place between 25th and 30th July 2014.