Record-Breaking Projections: Greek Tourism Outlook for 2024

7/6/2024

Greek tourism is poised to break records for arrivals in 2024, according to a survey by the National Bank of Greece (NBG). Projections indicate that the number of visitors will exceed 35 million, as reported by tovima.com.

Analysts at the National Bank of Greece (NBG) forecast that in 2024, the sector could achieve new records, with arrivals reaching 35 million tourists (a 7% increase compared to 2023) and improved revenue per tourist, resulting in earnings of around 22 billion euros (a 10% increase compared to 2023) and achieving an increased share in the Mediterranean market.

The survey reveals that all leading indicators signify a positive outlook for Greek tourism, the nation’s leading economic sector. After a dynamic start in 2024 with an annual increase of 24%, the index of future demand for Greek hotels is at historically high levels, the analysis suggests. Optimism is reflected in record net hirings for the period from February to April (98 thousand compared to 90 thousand in 2023).

On the downside, the supply of specialized and highly-trained hotel staff for the summer period is low for large hotels and smaller accommodations, while demand is rising in light of the expected increase in arrivals. The data stresses that the hotel sector continues to face staffing issues, with 80% of the industry reporting a number of vacancies equal to or greater than in 2023.

The findings presented in the National Bank of Greece (NBG) survey showed that international air traffic compared to 2023 figures recorded a notable uptick:

• An increase in spring arrivals (around 20%), fostering expectations for reduced seasonality,
• An increase in scheduled seats for the June-October period (8%), and
• Strong demand from independent tourists (14% in bookings so far).

The survey stresses that Greek hotels seem to be in agreement with the NBG’s assessments, largely recognizing the current sustainability challenges and appearing to be aware of the immediate risks posed by climate change and the consistently high seasonality of the increasing volume of tourists.