Vacations remain a luxury for a large segment of the population both in Greece and the EU countries in July according to the latest released Eurostat data.
Specifically, the average price for package holidays in Greece increased by 7,7% compared to the previous year, while the increase in the EU was 6,6%. Furthermore, within the European Union the price of domestic packages rose by 11,1% while international holiday packages noted a 5,7% uptick.
The cost of organized holidays has been rising across the European Union since 2020. Throughout most of the months of 2022 and 2023 the annual growth rate surpassed 10%. Notably, prices for organized domestic holidays soared in 2023, with the annual growth rate exceeding 20% for seven months of the same year.
In July of this year, most EU countries reported a positive annual inflation rate for organized holidays sold domestically. The highest for increases for holiday packages compared to July of 2023 were recorded in France up by 22.2 % followed by Italy and Cyprus.
Conversely, Malta, Finland and Denmark reported negative inflation rate for holiday packages during the same month.
In Greece, travel revenues saw a notable increase in the first half of 2024 (Jan – June) underscoring the robust performance of the country’s tourism sector.
As data from the Institute of the Greek Tourism Confederation (INSETE) show, travel revenues during this period rose by 12.2% compared to the same period in 2023, reaching 6.921 billion euros.
