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The World’s Rich are Picking Greece, Says Virtuoso

Greece is among the Top 5 countries in the world attracting luxury travelers who spend on average 20 times more than regular tourists, found a report released by Virtuoso, a global network of agencies specializing in luxury and experiential travel.

The annual report was presented during the recent 34th Virtuoso Travel Week in Las Vegas, attended by 5,000 luxury travel professionals from 100 countries.

More specifically, according to the report, Greece ranks 5th as a leading summer destination for the world’s richest travelers. At the top is the US, Italy, France and Canada. And completing the top 10 are the UK in sixth spot, Spain, Mexico, Ireland and Switzerland.

Greece also ranked 4th last summer as one of Virtuoso’s Top 5 vacation spots for summer travel.

According to this year’s Virtuoso survey, luxury travelers have plans to increase last year’s spending of 20,700 dollars per person by 34 percent to 27,800 dollars next year.

Some key takeaways of the Virtuoso report:

76 percent of travelers have accepted a “new normal” and only 12 percent say there is still “too much uncertainty and volatility” with regard to travel and the Covid-19 pandemic

20 percent of millionaire households in the US belong to the millennials. Those who have the means to travel are willing to spend it

74 percent of all Virtuoso travelers who responded to the survey said creating a travel experience that “best fits their expectations” is more important than price

– across all countries, hotel and on-site leisure booking volume is at 157 percent of 2019 levels

– traveling with a spouse/significant other is the most popular form of travel, followed by traveling with friends and family trips with kids under 18

– demand is high for Europe and the Caribbean

global outbound leisure spending won’t fully bounce back until Q2 2024 exceeding 2019 levels by 21 percent by 2024 (Tourism Economics data)

solo travel is on the rise, with the highest demand from the 65+ age group

78 percent of travelers say they’re ready to travel now

87 percent said the dollar-euro exchange rate affects decisions

35 percent said summer air travel complications led them to cancel or postpone plans

Looking ahead, Virtuoso Senior Vice President of Strategy David Kolner said 2023 looks to be “record-breaking good” with travel sales for the company in 2023 pacing 47 percent higher than pre-Covid 2019.

Globally, the travel industry is not expected to fully recover until 2024, but luxury travel in key markets continues to push forward in big numbers, said the report.

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  1. D. Neary Reply

    Over the years we have been to 53 different islands in Greece and many times to the mainland. We spent 3 weeks in the islands of Astypalaia, Donoussa and Anti Paros in May /June this year. Total cost including flights, accommmodation and food , just over £2000 for two people. You do not need to be a millionaire to enjoy Greece but we have noticed rising prices this year. We prefer to stay in rooms that we already know with great hosts rather than luxury hotels. We hope that the country will not become too expensive for us to continue spending our holidays in our favourite islands. We are a retired couple.

  2. Carl+Simpson Reply

    Can’t blame the Greeks for following the money but look what happened with Russian tourists lot of investment fur shops and the like now all gone. Greece would do well to give some credit to the ordinary tourists who have been very loyal over the years and stop following the money a little.

    • Dean Plassaras Reply

      It has nothing to do with following the money. It’s pure logic. If a luxury tourist spends 20 times more than a regular tourist, then it is quite obvious and beyond contention that fewer tourists who produce much higher revenue with much lower environmental impacts are the way to go.

  3. R Ferguson Reply

    In three weeks in Crete in July we spent 2600 euros, thats on top of 1550 euros for accommodation and 1400 euros for flights and hotels at Air port in UK. To us this is a lot of money, we had already booked for next year before out holiday, we have been to Crete 18 times since 2001 we even travelled in 2020 & 2021 at great expensive buying test kits.
    But it looks like next year will be our last, Crete has gotten very expensive, what we spend going to Crete we could have all inclusive in a five star hotel with money left.
    Its sad we love Crete but we are both retired so we cant justify the cost any more.

    • Carl+Simpson Reply

      Been trying to tell all the locals here what is happening your not the only couple not returning many foreign tourists saying the very same the fuel duty here tax is making everything so expensive but that’s how the Greeks collect the taxes it was brought in about 2014 before that Greece was affordable, very sad they are killing the golden goose.

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