Global Tourism Indexes Predict Return to Pre-Pandemic Levels; Greece Eyes New Records

International tourism indexes are forecasting a return to pre-pandemic levels, and for Greece, this peak was seemingly reached last year. The surge in travel strengthens the belief that this year could set new records.

The World Economic Forum anticipates a robust recovery of the global tourism industry from pandemic

The rebound is largely due to a significant rise in global demand, coinciding with more available flights, improved international openness, and heightened interest and investment in natural and cultural attractions.

Despite last year’s devastating wildfires, Greece climbed to the 21st position in the global Tourism Development Index, bolstered by strengths in Health and Hygiene, Service and Infrastructure, Information and Communication Technologies, and Air Transport Infrastructure.

Data from Eurocontrol indicates that Greece not only entered the top ten countries for air traffic in recent days but also recorded the most significant increase compared to 2019.

Specifically, all states in the top ten registered a higher or similar number of flights compared to the previous week, with Greece experiencing the largest increase, about 10 percent, mainly linked to Aegean Group, TUI Group, and Sky Express in domestic flows and Greece-United Kingdom and Germany-Greece routes.

Notably, the increase compared to last year is 14 percent and 18 percent compared to 2019.

Still, reaching targets set for this year will not be easy.

As the WEF report highlights, although the sector has overcome the shock of the global health crisis, it continues to face external challenges, from increasing macroeconomic, geopolitical, and environmental risks to heightened scrutiny of sustainability practices and the impact of new digital technologies like big data and artificial intelligence.

Furthermore, persistent labor shortages and the sector’s supply factors, such as air route capacity, capital investments, and productivity, have not kept pace with the surge in demand. This imbalance, exacerbated by global inflation, has led to increased prices and service issues. Tourism revenues have already risen by 28 percent.

Industry professionals welcome the current data showing increased bookings and revenues but note that the real challenge with the upcoming wave of visitors in the following months is the “wallet,” meaning the available “package” for accommodations, food, and entertainment.

Tourism revenues in the first quarter, before summer has even begun to be felt, show a 28 percent increase compared to last year.

In the two main pillars, namely accommodations and catering, turnover increased by 13.4 percent and 9.4 percent respectively.

Translated by Anthee Carassava

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