Tourist Spending in Greece Increases by 14%, Says Visa

Chania, Crete. Photo source: Chania Tourism Bureau

Tourist spending in Greece recorded a 14 percent increase between October 2023 and September 2024 compared to the same period in 2022–2023, according to data released by Visa, a leading card payment organization.

The company recently presented its analysis of Mediterranean tourism trends, focusing on transactions made in physical stores in Greece using Visa cards issued abroad. The analysis compared data from October 2023 to September 2024 with the corresponding period of the previous year.

According to Visa, the number of international visitors holding Visa cards increased by 17 percent during the referenced period, while their card transactions surged by 22 percent. This highlights a growing preference for card payments over cash.

Key markets driving Greek tourism growth

Visa identified several countries that significantly contributed to the growth in tourist spending:

– Germany: expenditures increased by 24 percent.
– United States: spending rose by 14 percent.
– United Kingdom: a 12 percent increase was recorded.
– France: expenditures grew by 10 percent.

Destination highlights

Photo source: Thomas Gravanis © This is Athens-Convention & Visitors Bureau

Athens emerged as the most popular destination in Greece, with Visa-related expenditures rising by 17 percent. Mykonos ranked second in popularity. Other notable destinations included:

– Rhodes and Chania: each saw a 22 percent increase in card transactions.
– Mykonos: experienced a modest rise of 2 percent.
– Santorini: reported a slight decline of 1 percent.

Seasonal trends in tourist spending

An intriguing finding from Visa’s analysis is the significant rise in tourist spending during Greece’s low season compared to the summer months.

– In March 2024, card expenditures rose by 19 percent year-on-year.
– In April 2024, spending increased by 17 percent.
– In September 2024, expenditures climbed by 15 percent.

In contrast, tourist spending during the peak summer months of July and August accounted for 39 percent of total annual expenditures.

International comparisons

Globally, Turkey recorded the highest growth in tourist spending via Visa during the same period, with a remarkable 114 percent increase. China followed with a 63 percent rise. Notably, the United Arab Emirates registered the highest average expenditure per visitor.

Cash usage declines in Greece

Visa data also underscore a shift in payment preferences among tourists in Greece.

In 2023, ATM cash withdrawals accounted for just 26 percent of total transactions, compared to 35 percent in 2021 and 42 percent in 2019. Additionally, the average transaction value declined by 6 percent in 2024, reflecting a growing use of cards for smaller purchases.

“The strong increase in expenditure and the number of transactions by visitors underscores Greece’s position as a leading travel destination,” said Sevi Vassileva, Visa’s General Director for Greece, Cyprus, Malta, and Israel.

Visa’s analysis is shared with the Greek Tourism Ministry under the 2022 Memorandum of Cooperation, which includes the provision of reliable data to support strategic planning for Greek tourism.

“The cooperation with Visa and the analysis of their data insights provide essential tools for understanding new trends in travel demand and developing policies to enhance the momentum of Greek tourism,” said Greek Tourism Minister Olga Kefalogianni highlighting the value of the collaboration. “This ultimately benefits local communities, the economy, and Greece as a whole.”