Once upon a time, the Greek tourism model meant sunburnt travellers leaving behind full wallets and half a suitcase of ouzo. Those days now appear to be as rare as an empty beach on Mykonos in July. Enter the modern era: more visitors than ever, staying shorter, and eager to keep their wallets zipped tight.
Eurobank, under the keen eye of economist Tasos Anastasatos, has done the math—and the punchline is that while Greece is seeing parade-sized crowds, the returns from each tourist are shrinking faster than the ice in a post-siesta cocktail. Their recent report, “Tourism Pillar: Key Features, Economic Impact, Challenges, Opportunities and Policy Suggestions,” finds that the new tourism model resembles a discounted flash sale more than a luxury boutique experience, as promised in the brochures.
What’s driving this? Part of the story involves changing global travel habits—think short, cheap breaks instead of grand tours. Add to that the rise of city breaks and waves of car-bound neighbours from the Balkans, especially in regions like Central Macedonia and Epirus. These visitors don’t linger, and when they do, it’s with a close eye on the bill.
Let’s break down the main points into handy bite-sized pieces:
- Rapid growth in arrivals hides a fall in average tourist spending
- Trip length is down, money spent per visit is even more so
- City breaks and Balkan road trips top the charts for short stays
- The overall rise in tourist revenue owes far more to sheer numbers than to visitor generosity
- Even spending per night, though up on paper, is flat once inflation wakes up
Numbers, always ready to ruin the party, reveal that between 2011 and 2024, tourist arrivals shot up at a yearly rate of 7.1%. In 2024, Greece welcomed a staggering 40.7 million visitors, yet spending per guest slipped down to 530 euros from 640 euros in 2011. Tourist revenue as a whole grew, yes, reaching 21.6 billion euros or 9.1% of national output, but this is more a story of quantity than quality.
As for that miraculous increase in average nightly spending—from 68.6 euros in 2010 to a mighty 89.7 euros in 2024—turns out inflation has been hard at work. In real terms, not much has changed, unless you count the new “dining with sea view” surcharge.
More Tourists, Less Value
Anyone dreaming of infinite beaches lined with five-star services hasn’t met the “faster, shorter, cheaper” crowd currently shaping the Greek tourism model. The growing appetite for more heads in beds has fueled concerns about an ecological and service nosedive—think crowded beaches, short tempers, longer lines, and the unmistakable whiff of exhausted staff.
Eurobank’s study, however, suggests a plan that might turn things around. Less about drawing bigger numbers, more about extracting better value and protecting what’s left of Greece’s good looks. The trick? Transitioning to a model where tourists spend more, appreciate more, and possibly even want to come back.
Policy recommendations, with the charm of a prescription and the sting of reality, follow:
- Enforce laws on runaway building and off-plan construction to maintain the coastlines’ scenic beauty, not their chaotic appearance.
- Ensure that new hotels and resorts blend seamlessly with the landscape, rather than bulldozing it.
- Focus on higher-end hotels—five-star options grew 37% in five years, four-star hotels by 14%, while budget stays became a rare find.
- Upgrade infrastructure for premium tourism—think reliable transport, sufficient energy, water, waste disposal, internet, and venues that don’t double as archaeological sites.
- Give public spaces and natural areas a facelift so destinations look as attractive as those featured in filtered Instagram posts.
- Train staff so that tourists receive more than just a forced smile and a map to the nearest ATM. Better pay for better service wouldn’t hurt either.
- Encourage types of tourism with higher returns, such as cultural tourism, agro-tourism, religious retreats, and quick city breaks for the sophisticated.
- Help businesses go green and support the shift to circular economy practices while protecting local plants and animals.
- Organise short-term rentals so housing for locals doesn’t get squeezed out by an endless stream of weekend getaways. Define the line between a friendly home share and a full-time business.
- Adapt to climate quirks, think twice before building in flood zones, boost energy efficiency, and nudge tourists actually to visit outside of summer.
In the brave new world of Greek summers, the tourism model is clear: more bodies, fewer euros, better views—if there’s anything left to see.
