INSETE: Bolstering Greece’s Competitiveness Key for Strong Tourism Year

The cost-of-living crisis and the continuously changing economic climate combined with ongoing conflicts are not seen as essentially affecting tourism demand for Greece from key source markets in 2024, found a report released this week by INSETE, the Greek Tourism Confederation’s (SETE) research body.

However, in view of these factors, inbound tourism performance will require maintaining and further strengthening the competitiveness of the Greek tourism product worldwide. Achieving this, INSETE analysts said, requires a targeted strategy focusing on infrastructure, investment and competitiveness, effective destination management, labor market regulation and sustainability.

“Competitiveness, resilience, and adaptation are key if the Greek tourism sector wishes to maintain its strong position on the global tourism market in the midst of an unstable and rapidly changing environment,” said INSETE General Manager Elias Kikilias.

Kikilias went on to add that “economic developments in the global economy, and particularly in key source markets for Greece have a direct impact on tourism demand”. He noted that in view of continuously changing macroeconomic developments, monitoring, identifying issues early, and corrective actions are crucial to a successful year.

Indicative of the demand, eurozone countries generated approximately 7.7 billion euros in tourism-related revenues in pre-pandemic 2019, which accounted for 44 percent of total revenues that year. In the first 10-months of 2023 to October, travelers from eurozone countries generated 8.8 billion euros in revenues, up by 17 percent compared to the first 10 months of 2019. Inbound arrivals overall in 2023 were up by 13.7 percent over 2019.

Greece’s key source markets

Looking at key source markets, German travelers generated 3 billion euros in 2019 (16.7 percent of the total for the year) compared to 2.9 billion in the first 10 months of 2023, up by 17 percent over the same period in 2019.

French tourists generated 1.1 billion euros in 2019 (6.2 percent of the total for the year). In the first 10 months of 2023, they generated 1.1 billion euros marking a 29 percent rise over the same period in 2019.

Holidaymakers from the UK generated 2.6 billion euros in 2019 (14.5 percent of the total). In the first 10 months of 2023, travel receipts came to 2.5 billion euros up by 32 percent over the same 10-month period in 2019.

Visitors form the US generated 1.2 billion euros in 2019 (6.7 percent of the yearly total). In the January-October 2023 period, travel receipts by US tourists came to 1.1 billion euros up by 7 percent over the same period in 2019.