GBR Consulting Reports Greek Hospitality Industry Performance 3rd Quarter 2024

The latest performance indicators show that the Greek tourism sector is on track for another record year. YTD August 2024/23 data from the Bank of Greece indicates a 10% increase in international arrivals and a 2% rise in international travel receipts. The Hellenic Statistical Authority reports a 3% increase in both arrivals and overnights at accommodation units, alongside a 10% boost in accommodation revenue.

GBR Consulting’s monthly hotel performance benchmark survey, which covers € 1.6 billion in net annual revenue, shows a 10.8% increase in revenue YTD September 2024/23. Resort hotels recorded an 11.0% rise in total revenue, while Athens and Thessaloniki saw a 10.0% increase in room revenue. Other city hotels in Greece experienced a 2.8% growth in room revenue for the same period.

According to the Civil Aviation Authority, international arrivals at Greek airports rose by 9% YTD September 2024/23. INSETE reported a 14% increase in road arrivals during the same timeframe.

Noteworthy is the decline in international receipts in July and August 2024, which fell by 5% and 3% respectively compared to the same months last year. While not all data is available yet, tourists may have avoided the very hot and costly summer months of July and August, opting instead to visit Greece earlier or later if possible. When that was not an option, some may have chosen cheaper holiday destinations. Shorter stays could have also been a strategy to stay within budget, resulting in lower receipts. Additionally, the summer wildfires might have negatively impacted last-minute travel plans.

Source: GBR Consulting

Click here (Adobe Acrobat PDF file) to download the complete article.

GBR Consulting is a leading Greek business consultant firm. GBR Consulting supports clients develop their businesses in a structured manner leading to growth. The firm offers their clients, who are mainly active in the tourism, retail, food, construction and energy sectors, lasting solutions in the field of strategy, marketing, organisation and finance, while also delivering litigation support.

GBR Consulting
4 Sekeri Street, 106 74 Athens, Greece
T (+30) 210 36 05 002
F (+30) 210 36 06 935
www.gbrconsulting.gr
gbr@gbrconsulting.gr