The United Kingdom’s vote for Brexit introduces a new environment for Greek tourism, both in short- term and long-term perspective, since UK along with Germany are the two biggest source markets for Greece.
A large depreciation of the British currency and/or fall of GDP will have negative effects on both the arrivals and the average per capita expenditure in euros, hence the total revenue of Greek tourism from the British market, which incidentally becomes a more competitive destination for European travelers.
Changes are also expected to have an impact on the consumer behavior of British tourists and therefore on arrivals and revenues, primarily in relation to “sun and sea” holidays since a significant share of bookings is made- based on INSETE’s available data-at the last minute (up to one month before departure), ie in June and July/August. If last -minute bookings for the “sun and sea” holidays will be affected then it is possible to face last minute bookings for other forms of leisure travel (city tourism and cultural tourism) and conference and incentive travel may also be adversely affected.
While negotiations between UK and EU will be taking place and consequent changes in the way the British market operates will materialize, including possible changes in air-transportation fares, which is a crucial decision factor for the traveller and might have an important impact on demand.
The Greek Tourism Confederation – SETE, through its research tool, SETE Intelligence, is monitoring closely the situation, so that we timely deal with all possible issues that might come up.
SETE remains confident, that given the high quality of the services offered by all Greek businesses and the competitive advantages of Greece as a destination, British tourists will continue to choose our country for their vacations.