Hotels - Greece | Statista Market Forecast

Hotels - Greece

Greece

Highlights

The Hotels market in Greece is expected to see a substantial increase in revenue, with projections indicating that it will reach US$1.27bn in 2024.
By 2029, the market is anticipated to experience a Compound Annual Growth Rate (CAGR) of 3.31%, resulting in a projected market volume of US$1.49bn.
Additionally, the number of users in the Hotels market is expected to increase to 4.54m users by 2029.
In 2024, user penetration is projected to be 38.0%, and it is expected to rise to 44.9% by 2029.
The average revenue per user (ARPU) is also expected to see an increase, with projections estimating it to be US$323.60.
Online sales are expected to account for a significant portion of the Hotels market's total revenue, with 84% of total revenue being generated through online sales by 2029.
It is noteworthy that United States is expected to generate the highest revenue in the Hotels market globally, with projections indicating that it will generate US$111bn in 2024.
Greece's hotel market is shifting towards sustainable tourism practices to attract environmentally conscious travelers.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Over the past few years, the Hotels market in Greece has witnessed a steady growth trajectory, driven by a combination of factors that have shaped consumer preferences, market trends, and local special circumstances.

Customer preferences: Customers in the Hotels market in Greece have shown a growing preference for unique and authentic experiences. They are increasingly seeking accommodations that offer a blend of traditional Greek hospitality with modern amenities. Tourists are looking for personalized services, locally sourced cuisine, and immersive cultural experiences during their stay. Additionally, there is a rising demand for eco-friendly and sustainable practices in hotels, as guests become more conscious of their environmental impact.

Trends in the market: One of the prominent trends in the Hotels market in Greece is the increasing popularity of boutique hotels and luxury resorts. These establishments cater to the demand for high-end experiences and personalized services, attracting affluent travelers looking for exclusivity and privacy. Another trend is the expansion of hotel chains and international brands in major tourist destinations, offering a wide range of options for different traveler segments. Furthermore, the growing trend of digitalization and online booking platforms has made it easier for tourists to find and compare accommodation options, driving competition among hoteliers to enhance their online presence and reputation.

Local special circumstances: Greece's unique geographical position as a popular tourist destination in Europe plays a significant role in shaping the Hotels market. The country's rich history, stunning landscapes, and diverse cultural heritage attract millions of visitors each year, creating a high demand for accommodation across the country. The Greek government's efforts to promote tourism through infrastructure development, marketing campaigns, and incentives for hotel investments have also contributed to the growth of the Hotels market.

Underlying macroeconomic factors: The Hotels market in Greece is influenced by various macroeconomic factors, including fluctuations in tourist arrivals, currency exchange rates, and global economic conditions. The country's economic stability, political environment, and investment climate play a crucial role in attracting foreign direct investment in the hospitality sector. Additionally, factors such as seasonality, regulatory changes, and competitive pricing strategies impact the performance of hotels in Greece. Overall, the Hotels market in Greece is poised for further growth and development, driven by evolving customer preferences, market trends, and special circumstances unique to the region.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels.

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.