Tourism recorded record arrivals in the fall of 2023, according to the new issue of the “Business Trends” periodical study series of the Directorate of Economic Analysis of National Bank.

In more detail, in autumn 9.3 million foreign tourists visited our country (+6% compared to 2019), with the prolonged summer of October-November (+13%) compensating for the effects of the extreme climatic phenomena of September ( +1%).

The good performance of the autumn was mainly driven by “traditional markets” (Germany, UK, USA & France), which increased their share by 8 percentage points cumulatively in the period 2019-2023 (to 43% from 35%). In particular, Germany and the UK contributed 800 thousand more tourists (compared to 2019) during the autumn period, and maintained their position as top markets, while the USA with 70 thousand more tourists climbed to 3rd place. In fact, this development is compatible with the strong performance of air arrivals, which, due to dynamics (+22% compared to 2019) but also size (â…” of arrivals), compensate for the still weak performance of road arrivals (-25% compared to 2019). At the same time, this gradual change in the mix of tourists works beneficially in terms of income per tourist (+3% in terms of deflated receipts per overnight stay).

According to the study, in this environment, hotel sales recorded a strong rise in the autumn (+7% annually in deflated terms). Specifically, all broad destination categories moved up (islands +6%, urban centers +8%, mainland +14%), with mainland destinations surpassing their pre-pandemic levels for the first time. However, it is noted that there were exceptions to specific destinations that moved downward, either due to relatively weaker demand (Mykonos and Santorini -9%), or due to extraordinary conditions that prevailed (Thessaly -2%).

Despite the generally upward movement of the autumn, the blow of the weather did not leave the sector unscathed, as:

•It did not allow for a meaningful improvement in seasonality, with autumn’s 12-month share up just 0.1 percentage point over 2019.

•Our country lost a share of 0.5 percentage points in the Mediterranean market (to 16.4% from 16.9 in 2019), which, led by Italy and Portugal, moved more dynamically.

Focusing our lens on the overall performance of last year, it appears that 2023 is emerging as a new milestone year for Greek tourism. Specifically, with December achieving a double-digit increase in arrivals (continuing the October-November trend), tourist receipts exceeded 20 billion. evrlo – confirming the estimates of the National Bank at the beginning of the summer.

From this perspective, the debate now turns to whether 2024 will manage to achieve even higher performances.

Early signs point to a strong start to the year in terms of air arrivals, with double-digit annual growth trending for the first quarter and signs of larger aircraft connecting high-spending distant destinations, the study said. This positive image is reflected in the high demand expectations of Greek hoteliers, with the relative index reaching its highest historical point in the two months January-February, a development that is not observed in the rest of the Mediterranean market.

Consequently, amid a period of weak European growth (mainly in Germany) and geopolitical pressures, Greek tourism seems to be on the defensive, regaining its autonomous momentum. Thus, in a year with an estimated strong rise in international tourism, Greece shows that it can claim new records. However, vigilance is required as geopolitical and climate pressures remain in place, and it has been shown that they can unexpectedly and catalyze the course of the industry.

At the same time, the targeting of Greek tourism has expanded, as the constant pursuit of strengthening tourist flows is framed by the requirements of sustainability, quality and a balanced (spatial and temporal) distribution of tourist activity. In this context, it is extremely positive that the industry and the supporting institutions appear aware and coordinated in this direction.