1. Travel and Tourism in Greece
Report Details:
Published:August 2012
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Price: Single User License – US$1900
Discover the latest market trends and uncover sources of future market growth for the Travel and
Tourism industry in Greece with research from Euromonitor's team of in-country analysts.
The Travel and Tourism in Greece market research report includes:
•Analysis of key supply-side and demand trends
•Detailed segmentation
•Historic volumes and values, company and brand market shares
•Five year forecasts (of market share, market trends, market growth)
•Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
•What is the market size of Travel and Tourism in Greece?
•What are the major brands in Greece?
•What are the major brands in Greece?
Why buy this report?
•Gain competitive intelligence about market leaders
•Track key industry trends, opportunities and threats
•Inform your marketing, brand, strategy and market development, sales and supply functions
EXECUTIVE SUMMARY
Record numbers of international tourist arrivals
International tourist arrivals to Greece climbed to a record high of 17 million in 2011. This was an
adrenaline injection in the Greek economy, which still cannot be stabilised. Visa facilitation for
Russia and other emerging markets, a VAT decrease on tourist accommodation and the Arab
Spring all had a role to play in the recovery of tourism in Greece. Importantly, incoming tourist
receipts grew after several years of downturn.
Domestic tourism sees a severe downturn
Domestic tourism was not able to follow incoming tourism, and decreased significantly in 2011.
The debt crisis in Greece reduced disposable incomes, whilst insecurity about the future
prevented Greeks from taking holidays. Trips to holiday homes, friends and family were the trends
amongst Greek households in 2011. The downturn in domestic tourism is expected to continue in
the coming years as a result of ongoing austerity measures in an effort to control the country’s
debt and avoid bankruptcy.

2. Extreme scenario would see Greece back to the drachma
Austerity measures face strong opposition in Greece, whilst the lack of consensus between
political parties makes the government’s work particularly difficult. Extreme scenarios see Greece
failing to take the necessary measures and being forced out of the eurozone. Although imposed
exit from the euro is not an option for Greece’s European counterparts, voluntary exit – either
because of policy or because of uncontrollable bankruptcy – could bring the drachma back to
Greece. This scenario could potentially support tourism in the long term; however, social turmoil
and unrest make it undesired.
Silent merger of Olympic Air and Aegean Airlines
Following the decision of the European Competition Commission to reject the merger of Greece’s
two main carriers, Olympic Air and Aegean Airlines, the two companies split their routes. Olympic
Air dropped Western European destinations and placed the emphasis on domestic routes and
Southeast Europe, whilst Aegean Airlines expanded to Olympic Air’s dropped destinations. This
creates the issue of a monopoly in Greek air transportation, which is being investigated by the
Hellenic Competition Commission.
A troubled 2012 expected for the Greek travel and tourism market
2012 is a very difficult year in terms of predictions, because of the turmoil in the economy.
Projections and measures change every one or two months, as do the opinions of EU leaders,
whilst political instability is evident. Scenarios for the Greek economy vary from a 50% cut in debt
to uncontrollable bankruptcy. The potential recovery of tourism flows to North Africa also makes
predictions about arrivals difficult.
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Major points covered in Table of Contents of this report include
Table of Contents
Travel and Tourism in Greece - Industry Overview
EXECUTIVE SUMMARY
Record numbers of international tourist arrivals
Domestic tourism sees a severe downturn
Extreme scenario would see Greece back to the drachma
Silent merger of Olympic Air and Aegean Airlines
A troubled 2012 expected for the Greek travel and tourism market
KEY TRENDS AND DEVELOPMENTS
Opportunities in recovery
National tourism strategy
VAT
Foreign direct investment
Cruise
Emerging markets
Thessaloniki as a rising destination

3. DEMAND FACTORS
Table 1 Leave Entitlement: Volume 2006-2011
Table 2 Holiday Takers by Age: % Breakdown 2006-2011
Table 3 Seasonality of Trips 2006-2011
BALANCE OF PAYMENTS
Table 4 Balance of Tourism Payments: Value 2006-2011
DEFINITIONS
Tourism Flows
Tourism Receipts and Expenditure
Travel Accommodation
Transportation
Car Rental
Travel Retail
Tourist Attractions
Online Sales
Health and Wellness
SOURCES
Summary 1 Research Sources
Travel and Tourism in Greece - Company Profiles
Amphitrion Group of Cos SA in Travel and Tourism (Greece)
STRATEGIC DIRECTION
KEY FACTS
COMPANY BACKGROUND
COMPETITIVE POSITIONING
Summary 4 Amphitrion Group of Cos SA: Competitive Position 2011
Mitsis Hotels SA in Travel and Tourism (Greece)
STRATEGIC DIRECTION
KEY FACTS
COMPANY BACKGROUND
COMPETITIVE POSITIONING
Summary 7 Mitsis Hotels SA: Competitive Position 2011
Olympic Air SA in Travel and Tourism (Greece)
STRATEGIC DIRECTION
KEY FACTS
COMPANY BACKGROUND
COMPETITIVE POSITIONING
Summary 10 Olympic Air SA: Competitive Position 2011
Olympic SA in Travel and Tourism (Greece)
STRATEGIC DIRECTION
KEY FACTS
COMPANY BACKGROUND
COMPETITIVE POSITIONING

4. Summary 13 Olympic SA: Competitive Position 2011
Car Rental in Greece - Category Analysis
HEADLINES
TRENDS
The 8% current value growth in 2011 was the best growth rate throughout the review period, but
was far from compensating for the losses of previous years. International tourist arrivals boosted
car rental, whilst continuing strikes amongst taxis and on public transport during the tourist season
supported the recovery of car rental. The number of transactions increased by 5%, resulting in an
increase in average prices of 2%. This increase in price was the result of more balanced supply
and demand in 2011. The difficulties companies had in renewing their fleets dictated that the fleet
size did not increase, whilst demand grew. This resulted in the recovery of prices to pre-crisis
2006 level.
COMPETITIVE LANDSCAPE
In 2011 all the major car rental companies presented an increase in value sales, following the
increase in international arrivals, and managed to absorb the devastation of the domestic market.
Autohellas Hertz continued to lead car rental, accounting for a value share of 13%. The company
presents a utilisation rate of 63% in 2011. Second was Olympic with its Avis brand, with a value
share of 9%. The company presents a utilisation rate of 56% in 2011.
PROSPECTS
Car rental is expected to continue growing in the forecast period, with a constant value CAGR of
2%. This moderate growth will be due to the decline in domestic and business travel. Business car
rental is expected to decrease further in 2012, whilst a marginal increase will start in 2014. Car
rental in Greece is closely related to international travel and tourism.
CATEGORY DATA
Table 5 Car Rental Sales by Category and Location: Value 2006-2011
Table 6 Car Rental Sales: Internet Transaction Value 2006-2011
Table 7 Structure of Car Rental Market: 2006-2011
Table 8 Car Rental National Brand Owner Market Shares 2007-2011
Table 9 Car Rental Brands by Key Performance Indicators 2011
Table 10 Forecast Car Rental Sales by Category and Location: Value 2011-2016
Table 11 Forecast Car Rental Sales by Category: Internet Transaction Value 2011-2016
Health and Wellness Tourism in Greece - Category Analysis
HEADLINES
TRENDS
Spas increased by 1% in current value terms to reach €83 million in 2011, whilst the number of
hotel/resort spa outlets increased by 11% to reach 340 outlets. Spa value sales did not follow the
trend of international tourist arrivals, whilst the downturn in the domestic market also had an
impact. International tourists are to a large extent budget, all-inclusive tourists, who are very
mindful of any extra spending. Spa facilities, on the other hand, are found in most 4-star and 5-star
hotels, which very often operate on an all-inclusive basis. The majority of treatments sold concern
à la carte one day rejuvenation treatments, rather than more integrated weekly programmes.
Greece is not established as a spa destination, whilst the absence of destination spas further

5. advocates this. Spas in hotels were subsidised by the State, whilst hoteliers considered it a good
investment, as hotels operating spa facilities appear to have better occupancy.
PROSPECTS
The old Investment Law (3299/2004) widely supported the development of relevant facilities, and
several enterprises took advantage of it.
CATEGORY DATA
Table 12 Number of Hotel/Resort Spas: Units 2006-2011
Table 13 Health and Wellness Tourism Sales by Category: Value 2006-2011
Table 14 Spa Consumer Markets: Domestic Tourism 2006-2011
Table 15 Spa Consumer Markets: Arrivals 2006-2011
Table 16 Forecast Health and Wellness Tourism Sales by Category: Value 2011-2016
Tourism Flows Domestic in Greece - Category Analysis
HEADLINES
TRENDS
Domestic tourism decreased by 13% in 2011, the second year of decline in a row, and the number
of trips dropped from 23 million in 2006 to 19 million in 2011. Unemployment reached 18% in
Greece in 2011, whilst incomes reduced by 15% from 2009. Lower disposable incomes made
Greeks very conservative in their expenditure. In the light of more problems in 2012, and
additional austerity measures to meet the goals set by troika, Greeks preferred to travel to friends
and relatives or to second homes, whilst they also reduced the length of stay and the average
spending by 16% to €193.
PROSPECTS
The number of domestic trips is expected to decline further, by 7% in 2012 and another 2% in
2013. GDP is expected to decrease by a further 2%, and unemployment is expected to increase
further to 20% in 2012. In the worst economic crisis of the last 50 years, it is very likely that Greeks
will not take as many trips as they used to.
CATEGORY DATA
Table 17 Domestic Tourism by Destination: 2006-2011
Table 18 Domestic Tourism by Purpose of Visit and by Mode of Transport: 2006-2011
Table 19 Domestic Tourist Expenditure: Value: 2006-2011
Table 20 Method of Payments for Domestic Tourism Spending: % Breakdown 2006-2011
Table 21 Forecast Domestic Tourism by Purpose of Visit and by Mode of Transport: 2011-2016
Table 22 Forecast Domestic Tourist Expenditure: Value: 2011-2016
Tourism Flows Inbound in Greece - Category Analysis
HEADLINES
TRENDS
2011 was a good year for international tourism in Greece, after a poor three year period. Most
importantly, incoming tourist receipts registered remarkable current value growth of 16%, after
several years of downturn, and reached €11.2 billion.
COUNTRY OF ORIGIN
BUSINESS VS LEISURE

6. CITY ARRIVALS
PROSPECTS
International tourist arrivals to Greece are expected to increase by 8% during the forecast period
and will exceed 18 million in 2016. This will be a very good performance for Greek tourism, and is
expected to come as a result of several factors.
CATEGORY DATA
Table 23 International Arrivals by City 2007-2011
Table 24 Arrivals by Country of Origin: 2006-2011
Table 25 Leisure Arrivals by Type 2006-2011
Table 26 Business Arrivals: MICE Penetration 2006-2011
Table 27 Arrivals by Mode of Transport: 2006-2011
Table 28 Arrivals by Purpose of Visit: 2006-2011
Table 29 Incoming Tourist Receipts by Geography: Value 2006-2011
Table 30 Incoming Tourist Receipts by Category: Value 2006-2011
Table 31 Method of Payments for Incoming Tourist Receipts: % Breakdown 2006-2011
Table 32 Forecast Arrivals by Country of Origin: 2011-2016
Table 33 Forecast Arrivals by Mode of Transport: 2011-2016
Table 34 Forecast Arrivals by Purpose of Visit: 2011-2016
Table 35 Forecast Incoming Tourist Receipts by Geography: Value 2011-2016
Tourism Flows Outbound in Greece - Category Analysis
HEADLINES
TRENDS
Outbound travel remained stable in 2011, reaching three million trips. After two years of decline,
this performance was unexpected, given the adverse situation in the Greek economy and the poor
performance of domestic tourism. However, Greeks preferred affordable, value for money trips
abroad to expensive travel in Greece. Organised tours to Turkey – including air travel, transfers,
half-board accommodation and tours – were sold from €300, making Turkey a particularly
attractive destination.
DESTINATIONS
BUSINESS VS LEISURE
PROSPECTS
Although more resilient than domestic tourism, outgoing tourism has exploited the margins left.
The cutting of the Greek debt, decided in October 2011, will require additional measures which will
further reduce the budgets of Greek households. Recession is expected to continue in 2012, and
possibly in 2013, whilst there are also fears of depression. Greek households have used any
savings, whilst with the very poor prospects for the coming decade under the supervision of troika,
they are very unlikely to spend any money which is left on travel.
CATEGORY DATA
Table 36 Departures by Destination: 2006-2011
Table 37 Leisure Departures by Type 2006-2011
Table 38 Business Departures: MICE Penetration % Breakdown 2006-2011
Table 39 Departures by Mode of Transport: 2006-2011

7. Table 40 Departures by Purpose of Visit: 2006-2011
Table 41 Outgoing Tourist Expenditure by Geography: Value 2006-2011
Table 42 Outgoing Tourist Expenditure by Category: Value 2006-2011
Table 43 Method of Payments for Outgoing Tourism Spending: % Breakdown 2006-2011
Table 44 Forecast Departures by Destination: 2011-2016
Table 45 Forecast Departures by Mode of Transport: 2011-2016
Table 46 Forecast Departures by Purpose of Visit: 2011-2016
Table 47 Forecast Outgoing Tourist Expenditure by Geography: Value 2011-2016
Tourist Attractions in Greece - Category Analysis
HEADLINES
TRENDS
Value sales in tourist attractions decreased by 23% in current terms during the review period
2006-2011, from €787 million to €602 million, whilst the number of visitors remained about the
same. This signified a downturn in the average ticket price from €36 in 2006 to €28 in 2011. This
decrease started in 2008, when the economic crisis hit Greece. First it was due to the downturn in
international tourism, followed by a decline in domestic tourism in 2010. In both cases, the
spending on tourist attractions decreased.
PROSPECTS
Tourist attractions is expected to decrease by another 14% in constant value terms in 2012, as a
result of the forecast decrease in domestic tourism. Thus, the review period recorded a 34%
decrease in value sales, and another 3% decline is expected in the forecast period. Therefore,
although value sales are expected to start growing in 2014, this will be at a very slow pace, and
sales will not recover to pre-crisis level any time soon.
CATEGORY DATA
Table 48 Tourist Attractions Sales by Category: Value 2006-2011
Table 49 Tourist Attractions Visitors by Category: 2006-2011
Table 50 Tourist Attractions Online Sales: Internet Transaction Value 2006-2011
Table 51 Leading Tourist Attractions by Visitors 2006-2011
Table 52 Forecast Tourist Attractions Sales by Category: Value 2011-2016
Table 53 Forecast Tourist Attractions Visitors by Category: 2011-2016
Table 54 Forecast Tourist Attractions Online Sales: Internet Transaction Value 2011-2016
Transportation in Greece - Category Analysis
HEADLINES
TRENDS
The recovery of European markets and the good performance of international tourism in Greece in
2011 were reflected in transportation, which recorded its best performance throughout the review
period. With growth of 17% since 2006, value sales climbed to €4.1 billion in 2011.
AIRLINES
COMPETITIVE LANDSCAPE
Aegean Airlines was the company which led air transportation in 2011. The company’s value sales
increased by 10% to €650 million, whilst its main competitor, Olympic Air, saw a decline. The
increase of Aegean Airlines came as a result of its expansion of international flights. The company

8. has followed a strategy of expanding its international network with additional destinations and
frequencies to important European markets such as the UK, France, Belgium, Italy, Spain, Russia
and Israel. In this regard, Aegean Airlines bought from Olympic Air three slots at Heathrow Airport
and one at Charles de Gaulle, and increased its frequencies to and from London, Paris, Brussels
and Vienna, taking over the routes Olympic Air dropped.
PROSPECTS
Transportation is expected to see a 1% increase in constant value terms during the forecast
period, to reach €4.2 billion. This small increase is expected to come about as a result of a 8%
forecast growth in domestic tourism and of a 7% forecast decline in outbound tourism in the 2012-
2016 period.
CATEGORY DATA
Table 55 Transportation Sales by Category: Value 2006-2011
Table 56 Transportation Sales: Internet Transaction Value 2006-2011
Table 57 Airline Capacity: 2006-2011
Table 58 Air by Category: Passengers Carried: 2006-2011
Table 59 Airline Passengers Carried by Distance: 2006-2011
Table 60 Airline National Brand Owner Market Shares 2007-2011
Table 61 Airline Brands by Key Performance Indicators 2011
Table 62 Forecast Transportation Sales by Category: Value 2011-2016
Table 63 Forecast Transportation Sales: Internet Transaction Value 2011-2016
Travel Accommodation in Greece - Category Analysis
HEADLINES
TRENDS
In 2011, travel accommodation registered a positive growth rate after two years of negative
growth. Amidst a very difficult year for the Greek economy, hotels managed to see positive figures.
Visa facilitation, the VAT decrease for tourist accommodation and the Arab Spring all made a
contribution to the growth of Greek tourism; albeit at a slow pace in the case of travel
accommodation value sales. Although 2011 was historically the best year for Greek tourism in
terms of international tourist arrivals, this was only partially passed on to travel accommodation.
Travel accommodation did not follow as fast as travel spending. The reason was the deterioration
of the domestic market. Domestic tourism recorded double-digit declines in both 2010 and 2011,
and this was reflected in the travel accommodation market performance.
HOTELS
COMPETITIVE LANDSCAPE
N Daskalantonakis Group remained the leading company in travel accommodation in 2011. The
Group, with sales of €96 million in 2011, held a 4% value share of hotels in Greece. Although the
Group registered a growth rate of 4% in 2011, this was relatively low compared with its volume
growth. N Daskalantonakis Group comprises Grecotel, which is focused on resort holiday hotels,
and Classical Hotels, which is focused on city hotels. Although Grecotel performed very well in
2011 as a result of the growth in international tourist arrivals, this was not the case for Classical
Hotels. Thus, Grecotel increased its value sales from €62 million in 2010 to €69 million in 2011,
whilst Classical Hotels saw a decrease in value sales from €31 million in 2010 to €27 million in

9. 2011.
PROSPECTS
Travel accommodation is expected to continue to grow during the forecast period, with constant
value growth of 12%, to reach the level of sales in 2008, €4.2 billion, in 2016.
CATEGORY DATA
Table 64 Travel Accommodation Sales by Category: Value 2006-2011
Table 65 Travel Accommodation Outlets by Category: Units 2006-2011
Table 66 Travel Accommodation by Broad Category: Number of Rooms 2006-2011
Table 67 Regional Hotel Parameters 2011
Table 68 Travel Accommodation Sales: Internet Transaction Value 2006-2011
Table 69 Hotel National Brand Owners by Market Share 2007-2011
Table 70 Hotel Brands by Key Performance Indicators 2011
Table 71 Forecast Travel Accommodation Sales by Category: Value 2011-2016
Table 72 Forecast Travel Accommodation Outlets by Category: Units 2011-2016
Table 73 Forecast Travel Accommodation Sales: Internet Transaction Value 2011-2016
Travel Retail in Greece - Category Analysis
HEADLINES
TRENDS
Travel retail registered a positive current value growth rate of 2% in 2011, after two years of
decline. However, travel retail is a multi-faceted market comprising very diverse businesses. The
growth noted was not evenly distributed amongst travel retail companies. The impact was very
different depending on the business in which each company was involved. Companies working
with incoming tourism registered positive growth. This growth was even higher for those agencies
and tour operators working with incoming tourism from Russia and other emerging markets, which
had a very good year. On the other hand, agents and tour operators specialising in domestic or
outgoing tourism, or conferences and MICE tourism, were severely hit, and the prospects are not
good for them either.
LEISURE TRAVEL
CORPORATE BUSINESS TRAVEL
COMPETITIVE LANDSCAPE
TUI Hellas and youtravel.com continued to record positive performances in 2011. With growth of
5% for youtravel.com and of 4% for TUI Hellas, their value sales reached €86 million and €98
million respectively in 2011.
PROSPECTS
Travel retail is expected to continue to grow at a moderate pace by an overal 12% in constant
value terms until 2016. The forecast good performance of international tourism will keep travel
retail working. Nevertheless, value sales will be moderate, and will hardly reach the 2008 level.
The expected deterioration in domestic and outbound travel, along with the severe downturn in
MICE and business travel, will inevitably affect travel retail.
CATEGORY DATA
Table 74 Travel Retail Sales by Category: Value 2006-2011
Table 75 Travel Retail Corporate Business Sales: Value 2006-2011

10. Table 76 Travel Retail Leisure Sales: Value 2006-2011
Table 77 Travel Retail Online Sales by Category: Internet Transaction Value 2006-2011
Table 78 Travel Retail National Brand Owner Market Shares 2007-2011
Table 79 Travel Retail Brands by Key Performance Indicators 2011
Table 80 Forecast Travel Retail Sales by Category: Value 2011-2016
Table 81 Forecast Travel Retail Corporate Business Sales: Value 2011-2016
Table 82 Forecast Travel Retail Leisure Sales: Value 2011-2016
Table 83 Forecast Travel Retail Online Sales by Category: Internet Transaction Value 2011-2016
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