With beer costing a whopping £4.50 a pint and a ticket at £215, No.1 Currency calculates that the average Glastonbury attendee will spend £112 per day at the festival, where Arcade Fire and Metallica headline.

This makes Glastonbury the second most expensive festival in Europe, behind only Tomorrowland in Belgium, where attendees can expect to spend £180 a day.

According to No.1 Currency, the Sziget festival in Hungary is the best value for money. Headlined by The Prodigy this year, attendees will pay just £50 a day for eight days. Open’er Festival in Poland and Exit in Serbia are also good value at £52 and £62 per day respectively.

The cost of attending Roskilde in Denmark is the highest overall at £729.12, but at eight days long the cost per day comes to a more reasonable £91.

Simon Phillips, head of retail at No.1 Currency, said: “Now there are festivals in most European countries and music junkies are only too happy to hop on a train or plane for the chance to see their favourite bands. But it isn’t just huge names like the Rolling Stones that are attracting Brits to Europe – it’s also the savings they can make on the cost of tickets, accommodation and food and drink. In fact, it can actually work out to be much better value to travel to a festival in mainland Europe than to stay home.”

According to Phillips, a strengthening pound is a major boon for festival-goers abroad. The pound is currently 7.1 per cent stronger against the euro compared to 12 months ago, so £300 will buy €375 compared to €350 last year.

Phillips said: “Not only does your cash go further in Central Europe, where food and drink in particular are relatively cheap compared to the UK, but Brits heading to festivals in the eurozone this summer will enjoy the added bonus of a strengthening pound.”