Greece Driving Tourist Demand for TUI This Summer

Photo source: Visit Greece

Greece is a top choice for German and UK travelers this summer, according to the latest data released by TUI Group, which saw group revenue increase by 16 percent to 3.6 billion euros in the second quarter (Q4) of the year up from 3.2 billion euros in 2022.

A total of 2.8 million guests traveled with TUI in Q2 up by 14 percent over the previous year with the Hotels & Resorts and Cruises segments achieving record results. Underlying EBIT in the cruise segment more than quadrupled compared to the previous year reaching a record 70.1 million euros up from 14.8 million euros.

The news comes on the back of a 15 percent increase in revenues to 4.3 billion euros in the first quarter of 2024.

New data reveals that medium and short-haul destinations will be driving bookings for the summer with Greece, Turkey, and the Balearic Islands at the top of travelers’ wish lists. Indicatively, bookings in the UK are up by 3 percent, with 65 percent of the season sold and in Germany up by 7 percent with 60 percent sold.

Overall promising booking trend and good demand for Summer 2024

Source: TUI Group

Overall, average prices for the upcoming summer 2024 are 4 percent higher than in the previous year. 60 percent of the program has been sold, which is the same level as last year. TUI has currently recorded a total of 9.0 million bookings for summer 2024, corresponding to an increase of 5 percent compared to the previous year.

Greece also leads in the group’s Holiday Experiences segment. Average daily rates in Q2 were 9 percent up on the previous year, with Turkey, Greece and the Balearic Islands being the most popular destinations, TUI said.

Looking ahead, TUI expects a good year with revenues forecast at rising by at least 10 percent over the previous year and underlying EBIT increasing by at least 25 percent.

“We see trends that will further strengthen this in the future: experiences are becoming more important than possessions, and the middle classes are growing in many parts of the world,” said TUI CEO Sebastian Ebel, adding that there was also high demand for package holidays.

“The first two quarters of the year were very successful in operational terms. We are aware of the ongoing challenges in the geopolitical environment and confirm our expectations regarding revenue and earnings growth,” said Ebel.

TUI said that it is closely monitoring geopolitical events, particularly in the Middle East and on the Arabian Peninsula and “should the situation or customer demand change, the Group’s business model allows it to flexibly shift capacity from the Eastern to the Western Mediterranean.”