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Travel and Tourism in Greece

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  • 1. Travel and Tourism in GreeceReport Details:Published:August 2012No. of Pages:Price: Single User License – US$1900Discover the latest market trends and uncover sources of future market growth for the Travel andTourism industry in Greece with research from Euromonitors team of in-country analysts.The Travel and Tourism in Greece market research report includes:•Analysis of key supply-side and demand trends•Detailed segmentation•Historic volumes and values, company and brand market shares•Five year forecasts (of market share, market trends, market growth)•Robust and transparent market research methodology, conducted in-countryOur market research reports answer questions such as:•What is the market size of Travel and Tourism in Greece?•What are the major brands in Greece?•What are the major brands in Greece?Why buy this report?•Gain competitive intelligence about market leaders•Track key industry trends, opportunities and threats•Inform your marketing, brand, strategy and market development, sales and supply functionsEXECUTIVE SUMMARYRecord numbers of international tourist arrivalsInternational tourist arrivals to Greece climbed to a record high of 17 million in 2011. This was anadrenaline injection in the Greek economy, which still cannot be stabilised. Visa facilitation forRussia and other emerging markets, a VAT decrease on tourist accommodation and the ArabSpring all had a role to play in the recovery of tourism in Greece. Importantly, incoming touristreceipts grew after several years of downturn.Domestic tourism sees a severe downturnDomestic tourism was not able to follow incoming tourism, and decreased significantly in 2011.The debt crisis in Greece reduced disposable incomes, whilst insecurity about the futureprevented Greeks from taking holidays. Trips to holiday homes, friends and family were the trendsamongst Greek households in 2011. The downturn in domestic tourism is expected to continue inthe coming years as a result of ongoing austerity measures in an effort to control the country’sdebt and avoid bankruptcy.
  • 2. Extreme scenario would see Greece back to the drachmaAusterity measures face strong opposition in Greece, whilst the lack of consensus betweenpolitical parties makes the government’s work particularly difficult. Extreme scenarios see Greecefailing to take the necessary measures and being forced out of the eurozone. Although imposedexit from the euro is not an option for Greece’s European counterparts, voluntary exit – eitherbecause of policy or because of uncontrollable bankruptcy – could bring the drachma back toGreece. This scenario could potentially support tourism in the long term; however, social turmoiland unrest make it undesired.Silent merger of Olympic Air and Aegean AirlinesFollowing the decision of the European Competition Commission to reject the merger of Greece’stwo main carriers, Olympic Air and Aegean Airlines, the two companies split their routes. OlympicAir dropped Western European destinations and placed the emphasis on domestic routes andSoutheast Europe, whilst Aegean Airlines expanded to Olympic Air’s dropped destinations. Thiscreates the issue of a monopoly in Greek air transportation, which is being investigated by theHellenic Competition Commission.A troubled 2012 expected for the Greek travel and tourism market2012 is a very difficult year in terms of predictions, because of the turmoil in the economy.Projections and measures change every one or two months, as do the opinions of EU leaders,whilst political instability is evident. Scenarios for the Greek economy vary from a 50% cut in debtto uncontrollable bankruptcy. The potential recovery of tourism flows to North Africa also makespredictions about arrivals difficult.Get your copy of this report @http://www.reportsnreports.com/reports/191895-travel-and-tourism-in-greece.htmlMajor points covered in Table of Contents of this report includeTable of ContentsTravel and Tourism in Greece - Industry OverviewEXECUTIVE SUMMARYRecord numbers of international tourist arrivalsDomestic tourism sees a severe downturnExtreme scenario would see Greece back to the drachmaSilent merger of Olympic Air and Aegean AirlinesA troubled 2012 expected for the Greek travel and tourism marketKEY TRENDS AND DEVELOPMENTSOpportunities in recoveryNational tourism strategyVATForeign direct investmentCruiseEmerging marketsThessaloniki as a rising destination
  • 3. DEMAND FACTORSTable 1 Leave Entitlement: Volume 2006-2011Table 2 Holiday Takers by Age: % Breakdown 2006-2011Table 3 Seasonality of Trips 2006-2011BALANCE OF PAYMENTSTable 4 Balance of Tourism Payments: Value 2006-2011DEFINITIONSTourism FlowsTourism Receipts and ExpenditureTravel AccommodationTransportationCar RentalTravel RetailTourist AttractionsOnline SalesHealth and WellnessSOURCESSummary 1 Research SourcesTravel and Tourism in Greece - Company ProfilesAmphitrion Group of Cos SA in Travel and Tourism (Greece)STRATEGIC DIRECTIONKEY FACTSCOMPANY BACKGROUNDCOMPETITIVE POSITIONINGSummary 4 Amphitrion Group of Cos SA: Competitive Position 2011Mitsis Hotels SA in Travel and Tourism (Greece)STRATEGIC DIRECTIONKEY FACTSCOMPANY BACKGROUNDCOMPETITIVE POSITIONINGSummary 7 Mitsis Hotels SA: Competitive Position 2011Olympic Air SA in Travel and Tourism (Greece)STRATEGIC DIRECTIONKEY FACTSCOMPANY BACKGROUNDCOMPETITIVE POSITIONINGSummary 10 Olympic Air SA: Competitive Position 2011Olympic SA in Travel and Tourism (Greece)STRATEGIC DIRECTIONKEY FACTSCOMPANY BACKGROUNDCOMPETITIVE POSITIONING
  • 4. Summary 13 Olympic SA: Competitive Position 2011Car Rental in Greece - Category AnalysisHEADLINESTRENDSThe 8% current value growth in 2011 was the best growth rate throughout the review period, butwas far from compensating for the losses of previous years. International tourist arrivals boostedcar rental, whilst continuing strikes amongst taxis and on public transport during the tourist seasonsupported the recovery of car rental. The number of transactions increased by 5%, resulting in anincrease in average prices of 2%. This increase in price was the result of more balanced supplyand demand in 2011. The difficulties companies had in renewing their fleets dictated that the fleetsize did not increase, whilst demand grew. This resulted in the recovery of prices to pre-crisis2006 level.COMPETITIVE LANDSCAPEIn 2011 all the major car rental companies presented an increase in value sales, following theincrease in international arrivals, and managed to absorb the devastation of the domestic market.Autohellas Hertz continued to lead car rental, accounting for a value share of 13%. The companypresents a utilisation rate of 63% in 2011. Second was Olympic with its Avis brand, with a valueshare of 9%. The company presents a utilisation rate of 56% in 2011.PROSPECTSCar rental is expected to continue growing in the forecast period, with a constant value CAGR of2%. This moderate growth will be due to the decline in domestic and business travel. Business carrental is expected to decrease further in 2012, whilst a marginal increase will start in 2014. Carrental in Greece is closely related to international travel and tourism.CATEGORY DATATable 5 Car Rental Sales by Category and Location: Value 2006-2011Table 6 Car Rental Sales: Internet Transaction Value 2006-2011Table 7 Structure of Car Rental Market: 2006-2011Table 8 Car Rental National Brand Owner Market Shares 2007-2011Table 9 Car Rental Brands by Key Performance Indicators 2011Table 10 Forecast Car Rental Sales by Category and Location: Value 2011-2016Table 11 Forecast Car Rental Sales by Category: Internet Transaction Value 2011-2016Health and Wellness Tourism in Greece - Category AnalysisHEADLINESTRENDSSpas increased by 1% in current value terms to reach €83 million in 2011, whilst the number ofhotel/resort spa outlets increased by 11% to reach 340 outlets. Spa value sales did not follow thetrend of international tourist arrivals, whilst the downturn in the domestic market also had animpact. International tourists are to a large extent budget, all-inclusive tourists, who are verymindful of any extra spending. Spa facilities, on the other hand, are found in most 4-star and 5-starhotels, which very often operate on an all-inclusive basis. The majority of treatments sold concernà la carte one day rejuvenation treatments, rather than more integrated weekly programmes.Greece is not established as a spa destination, whilst the absence of destination spas further
  • 5. advocates this. Spas in hotels were subsidised by the State, whilst hoteliers considered it a goodinvestment, as hotels operating spa facilities appear to have better occupancy.PROSPECTSThe old Investment Law (3299/2004) widely supported the development of relevant facilities, andseveral enterprises took advantage of it.CATEGORY DATATable 12 Number of Hotel/Resort Spas: Units 2006-2011Table 13 Health and Wellness Tourism Sales by Category: Value 2006-2011Table 14 Spa Consumer Markets: Domestic Tourism 2006-2011Table 15 Spa Consumer Markets: Arrivals 2006-2011Table 16 Forecast Health and Wellness Tourism Sales by Category: Value 2011-2016Tourism Flows Domestic in Greece - Category AnalysisHEADLINESTRENDSDomestic tourism decreased by 13% in 2011, the second year of decline in a row, and the numberof trips dropped from 23 million in 2006 to 19 million in 2011. Unemployment reached 18% inGreece in 2011, whilst incomes reduced by 15% from 2009. Lower disposable incomes madeGreeks very conservative in their expenditure. In the light of more problems in 2012, andadditional austerity measures to meet the goals set by troika, Greeks preferred to travel to friendsand relatives or to second homes, whilst they also reduced the length of stay and the averagespending by 16% to €193.PROSPECTSThe number of domestic trips is expected to decline further, by 7% in 2012 and another 2% in2013. GDP is expected to decrease by a further 2%, and unemployment is expected to increasefurther to 20% in 2012. In the worst economic crisis of the last 50 years, it is very likely that Greekswill not take as many trips as they used to.CATEGORY DATATable 17 Domestic Tourism by Destination: 2006-2011Table 18 Domestic Tourism by Purpose of Visit and by Mode of Transport: 2006-2011Table 19 Domestic Tourist Expenditure: Value: 2006-2011Table 20 Method of Payments for Domestic Tourism Spending: % Breakdown 2006-2011Table 21 Forecast Domestic Tourism by Purpose of Visit and by Mode of Transport: 2011-2016Table 22 Forecast Domestic Tourist Expenditure: Value: 2011-2016Tourism Flows Inbound in Greece - Category AnalysisHEADLINESTRENDS2011 was a good year for international tourism in Greece, after a poor three year period. Mostimportantly, incoming tourist receipts registered remarkable current value growth of 16%, afterseveral years of downturn, and reached €11.2 billion.COUNTRY OF ORIGINBUSINESS VS LEISURE
  • 6. CITY ARRIVALSPROSPECTSInternational tourist arrivals to Greece are expected to increase by 8% during the forecast periodand will exceed 18 million in 2016. This will be a very good performance for Greek tourism, and isexpected to come as a result of several factors.CATEGORY DATATable 23 International Arrivals by City 2007-2011Table 24 Arrivals by Country of Origin: 2006-2011Table 25 Leisure Arrivals by Type 2006-2011Table 26 Business Arrivals: MICE Penetration 2006-2011Table 27 Arrivals by Mode of Transport: 2006-2011Table 28 Arrivals by Purpose of Visit: 2006-2011Table 29 Incoming Tourist Receipts by Geography: Value 2006-2011Table 30 Incoming Tourist Receipts by Category: Value 2006-2011Table 31 Method of Payments for Incoming Tourist Receipts: % Breakdown 2006-2011Table 32 Forecast Arrivals by Country of Origin: 2011-2016Table 33 Forecast Arrivals by Mode of Transport: 2011-2016Table 34 Forecast Arrivals by Purpose of Visit: 2011-2016Table 35 Forecast Incoming Tourist Receipts by Geography: Value 2011-2016Tourism Flows Outbound in Greece - Category AnalysisHEADLINESTRENDSOutbound travel remained stable in 2011, reaching three million trips. After two years of decline,this performance was unexpected, given the adverse situation in the Greek economy and the poorperformance of domestic tourism. However, Greeks preferred affordable, value for money tripsabroad to expensive travel in Greece. Organised tours to Turkey – including air travel, transfers,half-board accommodation and tours – were sold from €300, making Turkey a particularlyattractive destination.DESTINATIONSBUSINESS VS LEISUREPROSPECTSAlthough more resilient than domestic tourism, outgoing tourism has exploited the margins left.The cutting of the Greek debt, decided in October 2011, will require additional measures which willfurther reduce the budgets of Greek households. Recession is expected to continue in 2012, andpossibly in 2013, whilst there are also fears of depression. Greek households have used anysavings, whilst with the very poor prospects for the coming decade under the supervision of troika,they are very unlikely to spend any money which is left on travel.CATEGORY DATATable 36 Departures by Destination: 2006-2011Table 37 Leisure Departures by Type 2006-2011Table 38 Business Departures: MICE Penetration % Breakdown 2006-2011Table 39 Departures by Mode of Transport: 2006-2011
  • 7. Table 40 Departures by Purpose of Visit: 2006-2011Table 41 Outgoing Tourist Expenditure by Geography: Value 2006-2011Table 42 Outgoing Tourist Expenditure by Category: Value 2006-2011Table 43 Method of Payments for Outgoing Tourism Spending: % Breakdown 2006-2011Table 44 Forecast Departures by Destination: 2011-2016Table 45 Forecast Departures by Mode of Transport: 2011-2016Table 46 Forecast Departures by Purpose of Visit: 2011-2016Table 47 Forecast Outgoing Tourist Expenditure by Geography: Value 2011-2016Tourist Attractions in Greece - Category AnalysisHEADLINESTRENDSValue sales in tourist attractions decreased by 23% in current terms during the review period2006-2011, from €787 million to €602 million, whilst the number of visitors remained about thesame. This signified a downturn in the average ticket price from €36 in 2006 to €28 in 2011. Thisdecrease started in 2008, when the economic crisis hit Greece. First it was due to the downturn ininternational tourism, followed by a decline in domestic tourism in 2010. In both cases, thespending on tourist attractions decreased.PROSPECTSTourist attractions is expected to decrease by another 14% in constant value terms in 2012, as aresult of the forecast decrease in domestic tourism. Thus, the review period recorded a 34%decrease in value sales, and another 3% decline is expected in the forecast period. Therefore,although value sales are expected to start growing in 2014, this will be at a very slow pace, andsales will not recover to pre-crisis level any time soon.CATEGORY DATATable 48 Tourist Attractions Sales by Category: Value 2006-2011Table 49 Tourist Attractions Visitors by Category: 2006-2011Table 50 Tourist Attractions Online Sales: Internet Transaction Value 2006-2011Table 51 Leading Tourist Attractions by Visitors 2006-2011Table 52 Forecast Tourist Attractions Sales by Category: Value 2011-2016Table 53 Forecast Tourist Attractions Visitors by Category: 2011-2016Table 54 Forecast Tourist Attractions Online Sales: Internet Transaction Value 2011-2016Transportation in Greece - Category AnalysisHEADLINESTRENDSThe recovery of European markets and the good performance of international tourism in Greece in2011 were reflected in transportation, which recorded its best performance throughout the reviewperiod. With growth of 17% since 2006, value sales climbed to €4.1 billion in 2011.AIRLINESCOMPETITIVE LANDSCAPEAegean Airlines was the company which led air transportation in 2011. The company’s value salesincreased by 10% to €650 million, whilst its main competitor, Olympic Air, saw a decline. Theincrease of Aegean Airlines came as a result of its expansion of international flights. The company
  • 8. has followed a strategy of expanding its international network with additional destinations andfrequencies to important European markets such as the UK, France, Belgium, Italy, Spain, Russiaand Israel. In this regard, Aegean Airlines bought from Olympic Air three slots at Heathrow Airportand one at Charles de Gaulle, and increased its frequencies to and from London, Paris, Brusselsand Vienna, taking over the routes Olympic Air dropped.PROSPECTSTransportation is expected to see a 1% increase in constant value terms during the forecastperiod, to reach €4.2 billion. This small increase is expected to come about as a result of a 8%forecast growth in domestic tourism and of a 7% forecast decline in outbound tourism in the 2012-2016 period.CATEGORY DATATable 55 Transportation Sales by Category: Value 2006-2011Table 56 Transportation Sales: Internet Transaction Value 2006-2011Table 57 Airline Capacity: 2006-2011Table 58 Air by Category: Passengers Carried: 2006-2011Table 59 Airline Passengers Carried by Distance: 2006-2011Table 60 Airline National Brand Owner Market Shares 2007-2011Table 61 Airline Brands by Key Performance Indicators 2011Table 62 Forecast Transportation Sales by Category: Value 2011-2016Table 63 Forecast Transportation Sales: Internet Transaction Value 2011-2016Travel Accommodation in Greece - Category AnalysisHEADLINESTRENDSIn 2011, travel accommodation registered a positive growth rate after two years of negativegrowth. Amidst a very difficult year for the Greek economy, hotels managed to see positive figures.Visa facilitation, the VAT decrease for tourist accommodation and the Arab Spring all made acontribution to the growth of Greek tourism; albeit at a slow pace in the case of travelaccommodation value sales. Although 2011 was historically the best year for Greek tourism interms of international tourist arrivals, this was only partially passed on to travel accommodation.Travel accommodation did not follow as fast as travel spending. The reason was the deteriorationof the domestic market. Domestic tourism recorded double-digit declines in both 2010 and 2011,and this was reflected in the travel accommodation market performance.HOTELSCOMPETITIVE LANDSCAPEN Daskalantonakis Group remained the leading company in travel accommodation in 2011. TheGroup, with sales of €96 million in 2011, held a 4% value share of hotels in Greece. Although theGroup registered a growth rate of 4% in 2011, this was relatively low compared with its volumegrowth. N Daskalantonakis Group comprises Grecotel, which is focused on resort holiday hotels,and Classical Hotels, which is focused on city hotels. Although Grecotel performed very well in2011 as a result of the growth in international tourist arrivals, this was not the case for ClassicalHotels. Thus, Grecotel increased its value sales from €62 million in 2010 to €69 million in 2011,whilst Classical Hotels saw a decrease in value sales from €31 million in 2010 to €27 million in
  • 9. 2011.PROSPECTSTravel accommodation is expected to continue to grow during the forecast period, with constantvalue growth of 12%, to reach the level of sales in 2008, €4.2 billion, in 2016.CATEGORY DATATable 64 Travel Accommodation Sales by Category: Value 2006-2011Table 65 Travel Accommodation Outlets by Category: Units 2006-2011Table 66 Travel Accommodation by Broad Category: Number of Rooms 2006-2011Table 67 Regional Hotel Parameters 2011Table 68 Travel Accommodation Sales: Internet Transaction Value 2006-2011Table 69 Hotel National Brand Owners by Market Share 2007-2011Table 70 Hotel Brands by Key Performance Indicators 2011Table 71 Forecast Travel Accommodation Sales by Category: Value 2011-2016Table 72 Forecast Travel Accommodation Outlets by Category: Units 2011-2016Table 73 Forecast Travel Accommodation Sales: Internet Transaction Value 2011-2016Travel Retail in Greece - Category AnalysisHEADLINESTRENDSTravel retail registered a positive current value growth rate of 2% in 2011, after two years ofdecline. However, travel retail is a multi-faceted market comprising very diverse businesses. Thegrowth noted was not evenly distributed amongst travel retail companies. The impact was verydifferent depending on the business in which each company was involved. Companies workingwith incoming tourism registered positive growth. This growth was even higher for those agenciesand tour operators working with incoming tourism from Russia and other emerging markets, whichhad a very good year. On the other hand, agents and tour operators specialising in domestic oroutgoing tourism, or conferences and MICE tourism, were severely hit, and the prospects are notgood for them either.LEISURE TRAVELCORPORATE BUSINESS TRAVELCOMPETITIVE LANDSCAPETUI Hellas and youtravel.com continued to record positive performances in 2011. With growth of5% for youtravel.com and of 4% for TUI Hellas, their value sales reached €86 million and €98million respectively in 2011.PROSPECTSTravel retail is expected to continue to grow at a moderate pace by an overal 12% in constantvalue terms until 2016. The forecast good performance of international tourism will keep travelretail working. Nevertheless, value sales will be moderate, and will hardly reach the 2008 level.The expected deterioration in domestic and outbound travel, along with the severe downturn inMICE and business travel, will inevitably affect travel retail.CATEGORY DATATable 74 Travel Retail Sales by Category: Value 2006-2011Table 75 Travel Retail Corporate Business Sales: Value 2006-2011
  • 10. Table 76 Travel Retail Leisure Sales: Value 2006-2011Table 77 Travel Retail Online Sales by Category: Internet Transaction Value 2006-2011Table 78 Travel Retail National Brand Owner Market Shares 2007-2011Table 79 Travel Retail Brands by Key Performance Indicators 2011Table 80 Forecast Travel Retail Sales by Category: Value 2011-2016Table 81 Forecast Travel Retail Corporate Business Sales: Value 2011-2016Table 82 Forecast Travel Retail Leisure Sales: Value 2011-2016Table 83 Forecast Travel Retail Online Sales by Category: Internet Transaction Value 2011-2016Contact: sales@reportsandreports.com for more information.

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