British skiers heading for the slopes this winter will have to dig deep into their ski jacket pockets as they brace themselves against not just the cold but the impact that the weakening pound will have on their spending power, advises currencies.co.uk.
Switzerland, which boasts exclusive resorts such as Klosters, Verbier, St Moritz and Davos, favoured by the royal, rich and famous, has seen its Swiss franc steadily strengthen by 51% against the pound over the past four years, with one pound buying just 1.559 Swiss francs today compared with 2.3578 Swiss francs in December 2006.
Outside of Switzerland the Eurozone skiing destinations will also seem pricey this year to winter sports enthusiasts, with France, Austria and Italy all offering less value for the British pound than in 2006, which is 28.55% weaker today than it was then. Further afield, the wide slopes of the US and Canada are also much more expensive options than previous years – the pound buys 21.21% less US dollars and 38.2% less Canadian dollars than it did four years ago.
Stephen Hughes, chief analyst at currencies.co.uk said: “Even before inflation is taken into account, the weakness of the British pound will mean many winter sports fans will find that their money doesn’t go as far as it has on previous trips. Unfortunately the English pound has taken a battering across the board and favourite skiing destinations such as Switzerland have seen the pound weaken against the country currency by over 50%.”
Ski and snowboard enthusiasts should make the most of favourable rates offered by currency brokers, particularly if they are looking to pay for ski passes, ski hire and accommodation over there. This will enable families and couples to get at least some respite from the rising prices.