Greece, the sun-soaked land of gods and myths, has long been a magnet for tourists, especially in the summer. But despite the flood of visitors, the local economy isn’t exactly rolling in cash.
So, what’s the deal? Why aren’t the locals swimming in euros? Well, it turns out, most tourists are doing the travel equivalent of a quick dip in the pool—they’re barely staying long enough to dry off. And when they do spend, they’re not exactly splurging.
According to Mirror (28/8/2024), tourism revenue in May 2024 only rose by 6.8% even though the number of tourists shot up by a whopping 21.3%. The National Bank of Greece reported that the average spending per trip took a nosedive, dropping by 12.2%. So, while tourists are flocking to Greece in droves, they’re keeping a tight grip on their wallets.
Every year, a steady stream of Brits heads to Greece, eager to soak up the beauty of places like Santorini, Mykonos, Rhodes, Kos, Corfu, Crete, Lesvos, and of course, Athens. But last year, the trend of tourists spending less really started to show. Not bad, you might think—until you realize that’s a 3.5% drop from 2022, or about 21 euros less. And it’s only getting worse, with 2024’s spending expected to dip another 3.6% to just 550 euros.
And it’s not just the spending that’s shrinking—tourists aren’t sticking around as long either. The average stay has shortened by 11.2% compared to last year.
Athens, in particular, has taken a hit. Tourist spending in the city dropped by 7% over the last two years, which has the locals worried—especially with global inflation biting at their heels. Athens Mayor Harris Doukas voiced his concerns to Euronews, saying, “Each tourist brings in 0.40 euros to the city, and we’re not seeing that money. We need to find a way to make tourism worthwhile.”
That’s a lot of sunburned bodies, but not nearly enough cash flowing into local businesses. It’s a serious problem, especially in places like Athens.
“We need rules. Athenians face social and environmental impacts every day, not to mention the sky-high rent,” Kikilia said.
Once a charming area, it’s now overrun with short-term rentals, and it’s losing its soul in the process.
The biggest issue? Tourists just aren’t hanging around long enough to make a real economic impact.