Covid-19: Greek Study Focuses on Previous Tourism Recovery Times After Crisis

Greek tourism may possibly start showing signs of recovery in the next year, according to findings released by SETE Intelligence (INSETE) in a study examining the sector’s outlook after the coronavirus (Covid-19) health emergency subsides. INSETE is the Greek Tourism Confederation’s (SETE) research body.

As underlined in the study, Greek tourism stakeholders are counting on the country’s strong brand name to play a key role in the sector’s recovery particularly in view of recent international data indicating a steady interest for travel when restrictions are lifted (see hosteltur chart below).

DATA – Cancellations (%) of bookings depending on scheduled arrival month, per week from February 17 until March 15, Spain (hosteltur)

The data by hosteltur reveals that travel cancelations for the latter months of 2020 were made mainly in the first week of the pandemic while for the coming months these increase every week. Therefore, it seems that demand remains high and awaits developments. Source: INSETE

According to previous crisis comeback data cited by INSETE, market recovery takes approximately a year after a crisis subsides with revenues taking longer to return to pre-crisis levels. The extent of the comeback differs depending on region and sector. A case in point is tourism in Western Europe, where it took four years for tourist flows to resume after the 2008-2009 crisis, while luxury hotels saw revenue seven years later.

According to the WTTC, it took 10 to 34.9 months for arrivals to recover after the SARS epidemic with an average at 19.4 months.

DATA – Duration of crisis recovery in months, per year of occurrence (WTTC)

WTTC data shows that recovery times from various shocks, including epidemics, drops as the years go by. Source: INSETE

On top of that, a TripAdvisor study points to the market’s quicker recovery due to travelers’ increasing resilience to such international “shocks” particularly if a destination is popular.

At the same time, people are still keen on traveling awaiting (see Sojern chart below) the go-ahead by authorities with tour operators the likes of FVW, TUI, Robinson, Magic Life, Atlantica, Jaz, Grupotel and Grecotel seeing booking activity for 2021.

DATA – Changes in searches for air travel (Sojern)

Sojern data shows the change in search practices for air travel depending on the month of departure and compared to the corresponding period one year before. The data demonstrates that people are still dreaming of traveling for the (expected) period after the Covid-19 pandemic. Source: INSETE

Some travel agencies and tour operators are even offering clients loyalty points and discounts as incentives for booking trips between May this year through to April 2021.

Over to China, in the meantime, where the coronavirus epidemic began some two months ago, the tourism market appears to be picking up after restrictions were lifted. China went as far as to confirm the 102nd China Food & Drinks Fair set to take place on May 21-23 from the initial March 26-28 date.