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Reduced Overnights Knock Down Greek Tourism Revenues

reception_signThe decreasing numbers of overnight stays is the factor determining revenues in tourism, according to a recent study conducted by SETE Intelligence, the research institute of the Greek Tourism Confederation.

Prompted by the ongoing disagreement as to the cause behind the sector’s dropping revenues despite the increased number of tourists for 2016, SETE Intelligence found that this year’s earnings from tourism were directly linked to the number of overnight stays.

Indicatively, the average length of stay shrunk by 26 percent or from 10.7 to 7.8 days and the resultant spending per person was down by 22 percent between 746 euros and 580 euros.

SETE Intelligence further noted that the drop in the number of overnight stays was also recorded in competitive markets such as Spain and Italy, which however managed to reclaim some lost ground in July and August.

According to SETE analysts, Greece overnight stays failed to pick up pace in July and August. SETE’s research institute added that the ongoing refugee crisis, last-minute bookings as well as many vacationers preferring to spend their money on domestic travel also took a toll.

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