By Lily Girma
(Bloomberg) — Global travel is predicted to set an all-time record this year, even as the cost of vacations continues to rise. Americans looking to soften the blow will want to consider where the US dollar’s strength will get the best value in hospitality, goods and experiences.
Using the Bloomberg World Currency Ranker and the US Treasury Bureau of the Fiscal Service, we picked five enticing destinations that have shown favorable exchange rates over the past two to three years. Although hotel prices are not expected to fluctuate dramatically as leisure demand normalises, a strong dollar at this time means deals can be had on local purchases that range from tours and meals to shopping.
Overall, the results show that this is a great year to visit Asia, a region already in demand as it begins its most “normal” tourism year since COVID-19 struck. Japan continues to be a popular choice, but Vietnam and South Korea stand as solid alternatives among numerous countries in Asia with favourable exchange rates for the US dollar.
Closely following in value are South American countries: Argentina and Chile are among those offering the biggest luxury bang. A further option points to a once-in-a-lifetime location: Tanzania’s Serengeti. While rate-fluctuation percentages might appear low in some cases, savings can add up quickly, particularly for those traveling in a group.
Here’s a look at five destinations we recommend that will stretch your dollar most in 2024, as well as some new luxury hotels and excursions to put on your agenda while you’re there.
Vietnam
After a slow tourism restart in 2022, Vietnam welcomed 12.6 million tourists in 2023 – around 70% of its pre-pandemic figure – and it expects to welcome 18 million of them this year. With hospitality brands eyeing Vietnam as the region’s next luxury travel destination, Ritz-Carlton Reserve and Luxury Collection will open on the beaches of Phu Quoc island in coming years, while a JW Marriott is planned for Unesco World Heritage-designated area Trang An, in northern Vietnam. In the meantime, you can beat the crowds: Consider a stay at the Sofitel Legend Metropole Hanoi, starting at US$279, and an all-inclusive, three-day luxury cruise, in a royal cabin aboard Paradise Peak along Halong Bay, starts at $526 per night.
By the numbers:
In December 2021, US$1 = 22,765 Vietnamese dong
In December 2023, US$1 = 24,260 Vietnamese dong
A private tour of Paradise and Phong Nha caves costs around 2,959,450 Vietnamese dong. In 2021, that was US$130 … now it costs US$121.
Bottom line: 6.9% less expensive
Indonesia
Bali has attracted much attention in recent years due to unruly tourists. It remains a draw for its lush, sea-to-volcanoes scenery and luxurious lodgings whose prices are a fraction of what you’d find in the Global North. Consider the upcoming 150-suite and villas at Regent Bali Canggu, slated to open in the second quarter of this year, for a stay along a surfing beach coupled with access to a Regent Spa; rates are not yet available but consider that the five-star St. Regis Bali starts at US$552 a night in July.
An hour’s flight east of Bali would take you to eco-oriented hotel Cap Karoso on Sumba Island (from US$225 a night), where you can hike jungles and ride Sumbanese sandalwood horses.
By the numbers:
In December 2021, US$1 = 14,195 Indonesian rupiah
In December 2023, US$1 = 15,372 Indonesian rupiah
An all-inclusive luxury spa day in Ubud, Bali, costs around 3,080,315 Indonesian rupiah. In 2021, that was US$217 … now it costs US$198.
Bottom line: 8.7% less expensive
Colombia
The Colombian peso’s favourable exchange rate against the US dollar continues to draw digital nomads and tourists – more than 5 million in 2023. You can score a stay at the Four Seasons Bogotá, starting from US$334 a night, or opt for an island stay off Cartagena’s coastline, for US$360 a night in high season, at the Sofitel Baru, which opened in 2021. Curated tours can take small groups off the beaten track in popular areas, such as luxury outfitter Abercrombie & Kent’s new nine-day Bogotá to Cartagena itinerary (starting from US$9,795).
Even if you’ve already done the main cities, this is a country ripe for deeper explorations. Jacada Travel recommends a mountain stay in the charming town of Barichara for hiking in the lush Santander region and visits to coffee farms and colonial architecture. The town is set become more accessible from Bogotá and Medellín, thanks to the inauguration of Los Pozos de San Gil Airport (SGL) in 2023; flights are likely to ramp up this year. Bonus: Colombia’s flag carrier Avianca ranked in 2023 as the world’s most on-time airline.
By the numbers:
In December 2020, US$1 = 3,414 Colombian pesos
In December 2023, US$1 = 3,873 Colombian pesos
An all-day private snorkelling trip to Rosario Islands costs around 911,538 Colombia pesos. In 2021, that was US$267 … now it costs US$235
Bottom line: 12% less expensive
Tanzania
Long a draw for safaris, including some aimed at witnessing the Great Migration, a trip to Tanzania during in the first quarter of 2024 could entail fewer crowds and better luxury deals at some of the destination’s most anticipated openings. Mobile safari camp Wilderness Usawa Serengeti (starting from US$950 per person, per night) opened in 2023 and offers an all-inclusive luxury stay whose principal activity involves following the wildebeest migration from seven secluded camp locations in Serengeti National Park. Set to open in May 2024, Singita Milele’s secluded five-suite, 10-person hilltop villa promises breathtaking wilderness views over the Serengeti and sightings of wildlife, including from its infinity pool (from US$26,250 per night for buyouts; day use available).
By the numbers:
In December 2021, US$1 = 2,301 Tanzanian shillings
In December 2023, US$1 = 2,505 Tanzanian shillings
A day visiting the Ngorongoro Crater costs around 690,300 Tanzanian shillings. In 2021, that was US$300 … now it costs US$274.
Bottom line: 8.7% less expensive
South Korea
We’ve already recommended Busan, South Korea’s Miami, in our annual list of destinations for 2024. Beyond the beachside hub lie other buzzy cities. Seoul is trending well among international destinations, according to Hopper’s 2024 Outlook: United Airlines increased service from San Francisco last year, Delta will add a second daily flight from Atlanta in April, and Westjet will add a route from Calgary to Seoul in May. A room with sweeping city views at Seoul’s luxurious Josun Palace starts from US$289 per night; the hotel opened in 2021 under Luxury Collection in the city’s vibrant Gangnam district. On Jeju Island, a beach resort stay at the Shilla Jeju begins at just US$243 a night.
South Korea’s digital nomad visa became available as of Jan. 1 for remote workers who earn a minimum US$65,000 annual salary to stay for up to two years. Jacada Travel recommends visiting during March and April for cherry blossoms that rival Japan’s, or in autumn for stunning fall colors. New museum openings expected in 2024 include a Seoul Robot and Artificial Intelligence Museum and one dedicated to the late Korean artist Park Seo-Bo.
By the numbers:
In December 2021, US$1 = 1,188 South Korean won
In December 2023, US$1 = 1,299 South Korean won
A tasting menu at Born & Bred in Busan costs from 148,600 South Korean won. In 2021, that was US$125 … now it costs US$113.
Bottom line: 9.6% less expensive
©2024 Bloomberg L.P.
