GBR Consulting Reports Greek Hospitality Industry Performance 4th Quarter 2023

Greek tourism registered in 2023 a record year surpassing the levels of 2019. YTD Nov 2023/19 international arrivals increased by 4% reaching 32 million, while international receipts increased by 12% to € 19.4 billion excluding receipts from cruises. Cruise receipts reached € 699 million YTD Nov 2023, +40% compared to 2019, so total travel receipts surpassed for the first time the level of € 20 billion.

The growth in international arrivals is attributed to the increase of 13% of international passengers at the Greek airports as road arrivals declined by 15% (YTD Nov) comparing 2023 with 2019. International airport arrivals increased from 23.6 million in 2019 to 26.6 million in 2023. The Athens International airport alone is responsible for 25% of this growth of 3 million, followed by Corfu, Rhodes, Chania, Heraklion, Santorini, Kos and Zakynthos as the main contributors. These 8 airports were responsible for 90% of the registered growth.

The recovery of occupancy levels at Athenian hotels stalled in 2023 with demand for Athens at record levels. Room rates, however, increased significantly as from June 2022. YTD Dec 2023/19 occupancy declined 1.5%, while ADR improved by 29% and as a result RevPAR increased by 27%.

Source: GBR Consulting

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GBR Consulting is a leading Greek business consultant firm. GBR Consulting supports clients develop their businesses in a structured manner leading to growth. The firm offers their clients, who are mainly active in the tourism, retail, food, construction and energy sectors, lasting solutions in the field of strategy, marketing, organisation and finance, while also delivering litigation support.

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