Last-minute holidays are cheaper. A common misconception, or is there some truth behind the theory?

As we enter peak summer holiday season, many travellers are predicted to leave booking their trip until the very last minute. Research shows that last-minute trips are the ‘new normal’. According to Jet21, summer 2025 capacity is up by 8.3% compared to last year, but late bookings are still dominating. Travel agents are also seeing last-minute bookings up by 42% compared to last year2.

But are last-minute breaks actually cheaper than ones that have been booked months in advance? New research by the travel money experts, eurochange, reveals last-minute holidays are only 2% cheaper on average than advanced bookings.

Comparing flight and hotel prices for some of Europe’s most sought-after holiday destinations during the popular travel months of August and October, eurochange’s research found little disparity between booking a trip last minute and booking further in advance.

The research, which looked at prices for holidays to Mallorca, Tenerife, Cyprus, Rhodes, Marmaris and Gran Canaria, shows last-minute trips are 22% cheaper on average than those booked in advance, with travellers saving as much as £175 on a trip to Gran Canaria in August, compared to October.

However, there are also savings to be made when booking a trip in advance. The research shows travellers could save £171 by booking a trip to Palma in October, rather than in August.

eurochange’s last-minute holiday research

Destination	Booking window	Return flight price (pp)	Hotel price (pp)	Is an advance or last last-minute booking cheaper?	Savings (£)	% cheaper	Total
Mallorca	18th - 24th August	£84 London Stansted - Palma, Mallorca	£598				£682
Mallorca	27th Oct - 2nd Nov	£169 London Stansted - Palma, Mallorca	£342	Advanced booking cheaper	£171	33%	£511

Tenerife	18th - 24th August	£245 London Stansted - Tenerife	£196	Last-minute booking cheaper	£50	11%	£441
Tenerife	27th Oct - 2nd Nov	£291 London Stansted - Tenerife	£200				£491

Cyprus	18th - 24th August	£296 London Stansted - Paphos	£373	Advanced booking cheaper	£40	6%	£669
Cyprus	27th Oct - 2nd Nov	£421 London Gatwick - Paphos	£208				£629

Rhodes	18th - 24th August	£259 London Gatwick - Rhodes	£192	Last-minute booking cheaper	£114	25%	£451
Rhodes	27th Oct - 2nd Nov	£432 London Luton - Rhodes	£133				£565

Marmaris	18th - 24th August	£205 London Stansted - Dalaman	£231	Last-minute booking cheaper	£19	4%	£436
Marmaris	27th Oct - 2nd Nov	£311 London Gatwick to Dalaman	£144				£455

Gran Canaria	18th - 24th August	£232 London Luton to Las Palmas	£187	Last-minute booking cheaper	£175	48%	£419
Gran Canaria	27th Oct - 2nd Nov	£326 London Stansted to Las Palmas	£268				£594

In Maramis, it’s only £19 cheaper to book a last-minute trip, rather than in advance.

So is it better to book last-minute, or not?

Laura Evans-Fisk, head of digital & engagement at eurochange comments: “Our research shows that if you’re travelling during peak holiday periods (such as the school holidays), there is little disparity between booking last-minute and booking in advance.

“One thing to consider is that other costs, such as car hire, transfers and activities when you’re on holiday can be inflated during busy periods, even more so when they are booked last-minute.

“Another benefit of booking a holiday in advance is that you can get better rates on your travel money. The more time you have to monitor the exchange rates, the more chance you have of getting preferable rates. If you leave your currency exchange until the last minute, you’ll have to accept the rates available at the time.

“For example, if you leave changing money until you get to the airport, rates can be up to 13% higher than they are on the high-street or online. This is partly because there is much less competition, and they know customers aren’t shopping around for the best deal, so they can rack up the rates.”