Flights - Greece | Statista Market Forecast

Flights - Greece

Greece

Highlights

Greece is expected to see a significant rise in revenue for the Flights market in the coming years.
Specifically, revenue is projected to reach US$1.30bn by 2024, with an annual growth rate of 3.51% between 2024 and 2029.
This growth will result in a projected market volume of US$1.54bn by 2029.
Moreover, the number of users is expected to increase to 2.26m users by 2029, with a user penetration of 19.1% in 2024 and 22.4% by 2029.
The average revenue per user (ARPU) is projected to be US$662.60.
It is also worth noting that in the Flights market, 95% of the total revenue is expected to be generated through online sales by 2029.
Finally, it is interesting to compare the revenue generated globally, with United States leading the way with US$143bn in 2024.
Greece's flight market has seen a surge in demand for domestic travel as tourists opt for island-hopping over international travel.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Flights market in Greece has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Flights market have shifted towards more affordable and convenient travel options. With the rise of low-cost carriers and online travel agencies, travelers in Greece are increasingly looking for budget-friendly flights that offer competitive prices and flexible booking options. This has led to increased competition among airlines, pushing them to offer more affordable fares and attractive deals to attract customers. Additionally, travelers are also seeking convenience and flexibility in their travel plans, with a growing demand for direct flights and the ability to easily modify or cancel bookings. Trends in the Flights market in Greece are also contributing to its development. One notable trend is the increasing popularity of domestic travel. Greeks are increasingly exploring their own country, discovering hidden gems and enjoying the diverse landscapes and cultural heritage that Greece has to offer. This has led to a rise in domestic flights, with airlines expanding their domestic routes and offering more frequent flights to popular destinations within Greece. Another trend is the growing demand for experiential travel. Travelers are no longer content with simply visiting popular tourist destinations, but are seeking unique and immersive experiences. This has led to the rise of niche travel markets, such as adventure tourism, wellness retreats, and eco-tourism. Airlines are responding to this trend by partnering with local tourism organizations and offering specialized travel packages that cater to these specific interests. Local special circumstances in Greece have also played a role in the development of the Flights market. Greece is known for its beautiful islands, which are popular tourist destinations. However, many of these islands are not easily accessible by land, making air travel the most convenient option for travelers. This has led to an increased demand for flights to and from the Greek islands, with airlines expanding their routes and frequencies to meet this demand. Additionally, the Greek government has implemented policies to promote tourism, such as tax incentives for airlines and the development of new airports. These initiatives have further boosted the growth of the Flights market in Greece. Underlying macroeconomic factors have also contributed to the development of the Flights market in Greece. The country's economic recovery after the financial crisis has led to increased disposable income and consumer confidence, allowing more people to afford air travel. Additionally, Greece's strategic location as a gateway between Europe, Asia, and Africa has positioned it as a key hub for international flights, attracting both leisure and business travelers. This has further stimulated the growth of the Flights market in Greece. Overall, the Flights market in Greece is developing rapidly, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, airlines and travel companies will need to adapt to these developments in order to stay competitive and meet the evolving needs of travelers in Greece.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of flights.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.