Study: Penang is the World’s 11th Cheapest Place to Travel in 2024, 4th Best-Value in Asia

Malaysia has been featured favourably in tourism-related rankings in 2024 by various publications and organisations worldwide, with the capital city of Kuala Lumpur being named the 10th trending travel destination by TripAdvisor, the world’s 18th best holiday destination by a UK-based non-profit organisation, the world’s 6th most visited city by travellers and 4th best city in Asia-Pacific by DestinAsian.

Now, another Malaysian destination, Penang, is getting the love it deserves worldwide, this time from the 2024 edition of the Holiday Money Report by Post Office, the UK’s largest retailer.

Penang is the 11th best-value travel destination in the world!

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Seeking to find out the best value destination worldwide for 2024, the 18th annual Post Office Travel Money Holiday Report also included the Worldwide Holiday Costs Barometer.

Using the latter, the study surveyed the costs of 8 individual items at 40 resorts and cities worldwide to find the best-value destinations. 

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With that in mind, Penang is 1 of only 2 travel destinations (the other one being Delhi) that make an appearance in the study this year, as the Pearl of the Orient wasn’t part of last year’s Holiday Money Report.

Specifically, Penang is listed as the 11th best-value destination in the study and the 4th best-value in Asia. 

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Here are the top 15 rankings:

1. Hoi An, Vietnam
2. Cape Town, South Africa 
3. Mombasa, Kenya
4. Tokyo, Japan
5. Algarve, Portugal
6. Sharm el-Sheikh, Egypt
7. Sunny Beach, Bulgaria
8. Kuta, Bali
9. Marmaris, Turkey
10. Paphos, Cyprus
11. Penang, Malaysia
12. Phuket, Thailand
13. Delhi, India
14. Costa del Sol, Spain
15. Montego Bay, Jamaica

Vietnam leads the study for the 1st time

Hoi An, Vietnam

For the very 1st time, Vietnam tops the Holiday Money Report rankings, with the Post Office noting that the travel destination is 1 of only 8 destinations throughout the whole study to combine lower local prices with falling currency values.

According to the study’s Worldwide Holiday Costs Barometer, the total cost of 8 items in Hoi An is only GBP51.18 or approximately RM305.38.

For reference, the 8 items used as a barometer in the study are coffee, beer, cola, wine, water, suncream, insect repellant and a 3-course meal.

The prices of items in Penang

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In comparison, the study found the total cost of the 8 items in Penang is GBP74.57 or around RM444.93.

Here is a breakdown of the prices in Penang as per the Holiday Money Report in full:

• Cup of filter coffee – GBP2.32 (RM13.84)
• Bottle of local beer/lager – GBP3.39 (RM20.22)
• Bottle/can of Coca-Cola/Pepsi – GBP1.70 (RM10.14)
• A glass of wine – GBP4.47 (RM26.66)
• 1.5l bottle of mineral water – GBP0.25 (RM1.49)
• Suncream – GBP8.49 (RM50.65)
• Insect repellant – GBP3.30 (RM19.68)
• 3-course evening meal for 2 – GBP50.65 (RM302.19)

Accordingly, check out the top 20 rankings and prices of each item below:

So, what do you guys think of Penang’s ranking in the study? Share your thoughts with us in the comments.

Also read: Kuala Lumpur Voted as 4th Best City in Asia-Pacific, Langkawi the 7th Best Island