Travel & Tourism - Greece | Statista Market Forecast

The Travel & Tourism market in Greece is expected to experience significant growth, with revenue projected to reach US$2.51bn by 2024.
This growth is expected to continue at an annual growth rate of 3.61%, resulting in a projected market volume of US$3.00bn by 2029.
The largest market in this market is the Hotels, which is expected to achieve a projected market volume of US$1.27bn in 2024.
Moreover, the number of users in the Hotels market is expected to increase to 4.54m users by 2029, with user penetration projected to reach 72.6% by that year.
Additionally, the average revenue per user (ARPU) is expected to be US$379.80.
By 2029, online sales are expected to generate 85% of the total revenue in the Travel & Tourism market in Greece.
In comparison with other countries, United States is projected to generate the most revenue in this market, with US$214bn expected in 2024.
Greece's tourism industry is experiencing a rise in sustainable tourism practices, with a focus on preserving natural and cultural heritage sites.

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

Structure:

The market consists of five further markets.

The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
The Hotels market includes stays in hotels and professionally run guest houses.
The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

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Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

Business trips
Other forms of trips (e.g. excursions, etc.)

Greece, known for its picturesque landscapes, rich history, and vibrant culture, has seen a significant growth in its Travel & Tourism market in recent years.

Customer preferences: Travelers visiting Greece are increasingly seeking authentic experiences, from exploring ancient ruins to indulging in local cuisine. The demand for unique and personalized travel experiences has been on the rise, with tourists looking to immerse themselves in the local culture and traditions. Additionally, there is a growing interest in sustainable and eco-friendly tourism practices, with travelers opting for environmentally conscious accommodation and activities.

Trends in the market: One of the notable trends in the Travel & Tourism market in Greece is the popularity of island hopping. Tourists are keen on exploring multiple Greek islands during their visit, allowing them to experience the diverse landscapes and attractions each island has to offer. Moreover, the rise of digital platforms and social media has influenced travel decisions, with many tourists relying on online reviews and recommendations to plan their trips. The growing trend of experiential travel has also led to an increase in niche tourism segments such as gastronomic tourism and wellness retreats.

Local special circumstances: Greece's geographical location as a Mediterranean country plays a significant role in shaping its Travel & Tourism market. The country's favorable climate, beautiful beaches, and historical sites attract a wide range of tourists throughout the year. The Greek hospitality industry is known for its warmth and hospitality, contributing to the overall positive travel experience for visitors. Furthermore, the government's efforts to promote tourism through infrastructure development and marketing campaigns have bolstered the industry's growth.

Underlying macroeconomic factors: The economic stability and recovery of Greece in recent years have had a positive impact on its Travel & Tourism market. As the country continues to attract foreign investment and boost its infrastructure, the tourism sector has benefited from increased accessibility and improved services. Additionally, currency exchange rates and competitive pricing have made Greece an attractive destination for international travelers, further driving the growth of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

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, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. 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 country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. 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, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

Additional notes:

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

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.