SETE: Brexit Expected to Bring Changes in Greek Tourism

The United Kingdom’s vote for Brexit creates new conditions and facts for Greek tourism, according to the Greek Tourism Confederation (SETE).

SETE said in an announcement on Monday that the exchange rate of the pound and any negative development in GDP will play key roles in developments.

“A large depreciation of the British currency and/or fall of GDP will have negative affects on both the arrivals and the average per capita expenditure in euros, hence the total revenue of Greek tourism from the British market, which incidentally becomes competitive for European travel”, the confederation noted.

According to SETE, the changes are also expected to have an impact on the consumer behavior of British tourists and therefore on arrivals and revenues, primarily in relation to “sun and sea” holidays since a significant share of bookings is made at the last minute (up to one month before departure), ie in June and July/August.

SETE underlined that last minute bookings for other forms of leisure travel (city tourism and cultural tourism) and conference and incentive travel may also be adversely affected.

Moreover, SETE said that while the UK leaves the EU, new facts will occur for the changes to be made in the structure and functioning of the British market — one of the largest and most important for the global travel and tourism market.

Particular mention is made to the possibility of changes in the aviation sector (routes, fares) with whatever this brings to the basic travel package (accommodation, transport) which has a key role in the destination selection process by the visitor.

SETE said that all incoming data is being collected, evaluated and analyzed by SETE Intelligence in an aim to soon present a more complete picture of this unprecedented situation, possible scenarios for “the next day” and the risks and problems that can erupt for Greek tourism.

Some 2.5 million British tourists choose destinations in Greece for their holidays.