Most Expensive NYE
The aim of this study is to find out which European capital cities are the most expensive destinations to celebrate New Year’s Eve in. The research was conducted by researching the average price of typical go-to purchases for a New Year's Eve celebration.
The cities selected for the ranking are all the European capitals, except for San Marino that was left out of this study due to lack of available data.
Topics and their factors
The topics in this study are considered a reference sample for the options one can choose from when making plans for New Year’s Eve in a European capital city.
Food and Drink
All of the data regarding the Food and Drink topic was retrieved from numbeo, by manually researching each city in regards to the respective factor of analysis, with the exception of the Average Champagne Price (Moet & Chandon Brut, Champagne, France).
The average price of a three-course meal at a mid-range restaurant. Mid-range is defined by the Collins dictionary as being neither the most expensive, nor the cheapest.
The average price of a mid-range bottle of wine in a supermarket.
The average price of champagne in a liquor store, without tax. The price was retrieved from wine-searcher.
The average price for a 0.5 Liter bottle of domestic beer in a restaurant.
The average price for a 0.33 Liter bottle of soda in a restaurant.
The price paid for a 1-kilometer taxi ride, without considering the pick-up charge or any surge in pricing. This data was taken from numbeo by manually searching for each city individually.
The estimated price of a taxi ride on New Year’s Eve. Taxi companies tend to increase their pricing on New Year’s Eve due to higher demand for their services. In fact, research by Metro on the price increases recorded on New Year’s Eve by popular ride-hailing app UBER shows that surges in price can reach 50 times that of their regular prices. However, the report also states that the maximum increase in price at peak time as reported by users appears to be 2.5x. This figure was therefore taken as the reference for our calculation.
The value of this factor was obtained by multiplying “Taxi 1km (normal tariff)” by 2.5. The results were not included in the final ranking as they are estimated figures that are directly proportional to the taxi price on a normal day. However, the estimated NYE price was included in the table for informative comparison.
The average price of the lowest-priced 3-star hotels was retrieved from Booking.com. The data was calculated by setting the date of stay for New Year’s Eve for 1 adult, then selecting the lowest prices and taking an average of the top 5 hotels that appear as search results.
Research date : 25/11/2019
The average price of 3-star hotels was retrieved from Booking.com. The data was calculated by setting the date of stay for New Year’s Eve, then selecting the suggested prices and taking an average of the top 5 hotels that appear as search results.
Research date : 25/11/2019
The research was standardized by rating each price-related factor within each topic on a scale of 0-100, where 0 represents the cheapest option and 100 the most expensive. It is important to note that the entertainment topic was not included in the calculation.
The calculation of the score of each factor per city was carried out by using the following normalization formula:
The final score was calculated by standardizing the sum of all the price factors on a scale of 0 - 100.
Finally, the cities were ranked by their final scores, with the city scoring 100 being the most expensive New Year’s Eve destination in Europe.