Business declines on two islands
The islands of Mykonos and Santorini, perhaps Greece’s most famous tourist destinations, were the two glaring exceptions in the accommodation and catering business during the first half of the year: Turnover in these two destinations declined nearly 10%, while across the country, overall, it increased 8.71%.
It looks that higher prices at both hotels and restaurants did not help Mykonos and Santorini at all – quite the contrary.
Another place that bucked the overall positive trend was the regional unit of Magnesia, which includes the year-round tourist magnet of Mt Pelion (Pilio).
The area was hard hit by the disastrous floods of September 2023 and this certainly contributed to visitors finding it less attractive. Turnover in accommodation declined 4.6% during the second quarter (April-June) and 6.5% in catering compared to the same period in 2023.
The big winners were the Attica region, with Athens becoming a year-round tourist destination, traditional visitor favorites such as Corfu, Crete and Cephalonia, but also Aegean islands such as Chios and Lesvos, which have lately been favored by Turkish tourists upset at high prices at their own resorts a short distance across the water.
Hellenic Statistics Authority data published Wednesday showed total turnover in the accommodation sector reaching €2.81 billion in the second quarter of 2024, compared to €2.54 billion in the same period last year, a gain of 10.7%.
Catering turnover grew 5.8%, to €2.55 billion from €2.41 billion.
During the first half, accommodation turnover reached €3.25%, nearly 11% higher than during the same period in 2023 (€2.93 billion). Catering turnover rose 7.15%.
In the first half, Mykonos’ cumulative decline in accommodation and catering was 9.84%, with businesses earning nearly €13 million less. Percentage-wise, this was the biggest decline in any locale.
Santorini businesses earned €17.86 million (or 7.53%) less.
Both islands saw business decline in 2023, as well.
Total turnover on Mykonos was €322.83 in 2023, down from €364.53 in 2022. Santorini turnover was €538.71 million in 2022 and €527.11 million in 2023.
