Travel revenues in Greece experienced an unexpected decline in July. Revenues dropped by 220.4 million euros despite it being the peak of the tourism season.
This is largely attributed to reduced spending by tourists from the UK, France and the US who spent less by trip this July compared to the same month the previous year, while tourists from Italy were a positive exception to this trend.
Conversely, tourists from non-Eurozone countries, particularly from Balkan and Eastern European regions, increased their spending by 15.8% compared to the same period last year.
According to the Bank of Greece’s report the average expenditure per trip in July decreased by 5.7%, while travel revenues declined by 4.2% compared to the same month of 2023.
However, despite this decline in revenue, tourist arrivals to Greece in July increased by 4.1%, with 6.36 million visitors.
At the top of the spending list, though reduced compared to the previous year, were visitors from the UK, followed by tourists from Germany and Italy.
The average French visitor spent about 590 euros in July 2024, down from 937 euros the previous year, while German tourists spent 644 euros, a drop from 803 euros. Visitors from the US spent 1,044 euros compared to 1,188 euros the year prior, and British tourists spent 805 euros, down from 887 euros in July 2023.
Many analysts attribute this evident decline largely to economic challenges in major European markets, which has lead to declining consumer confidence and shorter holiday durations because of financial constraints.
