Greece’s Luxury Travel Segment Gaining Momentum

Photo source: Visit Greece

The luxury travel industry in Greece is set to reach a value of 2.7 billion dollars by 2030, growing at a compound annual growth rate (CAGR) of 11.5 percent, according to a report released by Allied Market Research.

Based on the report’s findings, Greece’s luxury travel segment is seeing strong growth thanks to increased disposable incomes and enhanced living standards.

Last year, Greek Prime Minister Kyriakos Mitsotakis confirmed that million-euro investments in luxury hospitality and high-end products were positioning Greece as a leading player in the ultra-luxury tourism market.

The news is backed up by a report released by luxury travel experts Virtuoso last year according to which Greece is among the leading destinations of choice for upscale travelers in 2024.

In 2020, the country’s high-end travel sector was valued at approximately 767.8 million dollars with analysts expecting by 2030 the value to skyrocket to 2.736.7 million dollars, an CAGR of 11.5 percent from 2021 to 2030.

Market experts attribute the growth of the luxury segment to Greece’s tourist offer which includes mainland and island destinations, festivals and events, gastronomy and high-end hospitality, and new technologies that elevate the luxury travel experience.

Meanwhile, according to the report which cites national statistics, Greece  is ranked as the 13^th most-visited country in the world, attracting over 30 million international tourists annually, mainly from Europe and the US.

Other report findings reveal that the market is expected to benefit from the growing number of high net-worth individuals (HNIs) and the rising aspirations of affluent millennials, baby boomers and Generation X.

Among luxury brands with a strong presence in the Greek luxury travel market are Abercrombie & Kent Ltd, Cox and Kings Ltd, TUI Group, Micato Safaris, Ker and Downey, Tauck, Thomas Cook Group, Scott Dunn Ltd, Kensington Tours, and Butterfield & Robinson Inc.