NBG: Reducing Seasonality, Boosting Revenues Top Priority of Greek Hotels

Hospitality services providers in Greece are prioritizing alternative strategies to reduce seasonality and boost revenue per arrival, according to data released by the National Bank of Greece (NBG).

More specifically, Greek hotels consistently lag in the number of overnight stays per arrival during winter months compared to those in rival markets. Indicatively, Greece stays come to 2.5 days versus 3.8 on average in other Mediterranean countries.

According to NBG analysts, achieving the Mediterranean average could potentially add approximately 0.5 billion euros to annual travel receipts.

Key to reaching this goal, almost half (49 percent) of hoteliers cite infrastructure as a crucial catalyst for business plans (up from 30 percent in 2023) and coordinated efforts.

Among others, the NBG study also reveals that Greek hotels are becoming all the more aware of current sustainability challenges. Additionally, the immediate risks posed by climate change and high seasonality of increasing tourist volumes is prompting more hoteliers to consider actions and revise plans.

Photo: Hellenic Society for the Protection of Nature

The report goes on to add that non-urban destinations appear to be more vulnerable to the aforementioned threats. At the same time, 65 percent of hotel customers are showing an increased interest in the environmental footprint of the accommodation they book.

In terms of strategy, 84 percent of Greek hoteliers believe that underutilized segments such as culture and gastronomy could add value to the Greek tourism product, broadening activities and experiences beyond the traditional “sea and sun” model.

NBG analysts expect 2024 to be a milestone year for Greek tourism with 35 million tourist arrivals expected and some 22 billion euros in travel receipts.