Austria and Italy have also decided to make the most of the ski holiday market this year. This is why both the countries have begun to narrow the gap on cheap prices in Eastern Europe.

It has been revealed by a recent Post Office report that when it comes to the cheapest pricing for items such as equipment hire, lift passes, ski lessons and living costs, Bulgaria's Bansko resort comes at the first place. It is followed by Kranjska Gora in Slovenia.

Italy's Livingo resort comes at the third place followed by Ellmau, Austria. The report has compiled prices from 30 resorts including 22 in Europe and eight in North America. It is the seventh report and has ranked the first North America resort as 18th. The name of the resort is USA's Winter Park in Colorado.

"Resort prices are looking a bit higher this year and this can have a big impact on families when individual prices are multiplied for three, four or more people", said Andrew Brown from the Post Office Travel Money.

He added that the report will be helpful for people to compare prices for ski equipment hire and lift passes. Also, they will be able to figure out costs of meals and drinks as it significantly contributes to the overall cost.