Isle of Wight Festival among most expensive festivals in the UK

The popular festival, which goes ahead once again this weekend, costs revellers £209 for a ticket - an increase of 39 per cent since 2010.

But while this represents a significant hike over recent years it is still well below other festivals - with some having ramped up their prices as much as 300 per cent over the same period, according to new research from eFestivals.com collated by loans company Progressive Money.

Boomtown festival in Hampshire tops the list as the most expensive with a ticket for the event costing £236, which is an increase of 219 per cent since 2010.

Lynne Hardwick, head of marketing at Progressive Money, said: ‘Festivals are a great way to get outside and enjoy the summer but with prices continuing to rise far beyond the annual rate of inflation many are priced out of the market. ‘This is particularly the case for young people where “the bank of mum and dad” may increasingly be called in to help cover the costs.’

As a response, Progressive Money has compiled a guide to keeping costs down at festivals this year with the aim of supporting people to have maximum experience for minimum expenditure.